World Acceptance is in danger of failing to meet the terms of a covenant written into the most recent amendment of its commercial credit agreement.Read More
Block Bank deal put off? Why? Could it be some behind-scenes pressure on the use of refund anticipation checks? Could it be a moment where a regulator asks for a real CRA strategic plan for prepaid card issuers?Read More
For-profit schools now attract ten percent of new enrollments because our community college system is failing. We aren't spending enough at the schools which have the greatest capacity to reduce economic inequality. The result: our least advantaged are taking on an average of $23,000 in debt in order to try to get a career.Read More
Small banks are slow to adopt new payments technologies. Their core customers probably won't care anyway, but young people are never going to see the appeal.Read More
When is zero not really zero? When it is not really zero. At Conn's, zero is 22 percent in two of every three cases.
My suggestions for the CFPB's new proposed rules on prepaid debit cards. They must decide if they will allow overdraft and/or lines of credit on these accounts. I say "no" to overdraft, and "yes" with strong conditions to credit.Read More
New Rule Would Add Protections for Servicemembers Targeted by Abusive Credit Providers
Reinvestment Partners applauds the Obama Administration and the Department of Defense’s effort to close loopholes in the Military Lending Act (MLA). The proposed rule, if adopted, will help to protect the financial security of our servicemembers by preventing lenders from offering abusive loans to servicemembers or members of their family. Previous efforts to prevent abusive lending have been widely ignored by payday lenders and others who have modified products to evade protections put in place in 2007.