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Paul Merrell

CFPB Determined to Regulate Billion Dollar Payday Loan Industry - Top US & World News |... - 0 views

  • The Consumer Financial Protection Bureau (CFPB) has a new set of rules aimed at preventing payday loan operations from targeting low-income borrowers who will be buried by high fees and rising debt loads. Payday loans are traditionally a loan of $500 or less wherein the borrower “provides a personal check dated on their next payday for the full balance or give the lender permission to debit their bank accounts. The total includes charges often ranging from $15 to $30 per $100 borrowed. Interest-only payments, sometimes referred to as rollovers, are common.” Using these lenders to make ends meet, borrowers are taken advantage of which has traditionally been a state regulatory issue. However now the federal government will be stepping in to curb this extortive multibillion dollar industry. Fees from payday loans can quickly accumulate, causing some borrowers to “lose their bank accounts and cars, or even risk prison time”.
  • Richard Corday, director of the CFPB, said: “Extending credit to people in a way that sets them up to fail and ensnares considerable numbers of them in extended debt traps, is simply not responsible lending.” These new rules cover payday loans, vehicle loans, loans using a car as collateral and various other forms of high-cost lending. Enders will be responsible for making sure debtors can repay the loan in full on time before extending the loan by checking their income, borrowing history, previous financial obligations and any other indicators that the borrower would most likely default or roll over the loan. • A 60 day respite between loans • Lenders must provide affordable repayment options • Loans cannot exceed $500 • Loans cannot have multiple finance charges • Loans cannot use a vehicle as collateral Regulations on interest rates and repayments as a share of income include mandatory capping off to prevent run-a-way fees.
  • Back in February, the CFPB warned about the payday loan industry which is largely unregulated and functions outside of proper oversight and accountability. The CFPB estimates that the $46 billion payday loan or cash advance industry has no oversight, refuses to give full disclosures of interest and fees involved, and takes an annual percentage of an excess of 300% against borrowers. The Consumer Federation of America (CFA) counts 32 states in the US that “permit payday loans at triple-digit interest rates, or with no rate cap at all.” Shockingly 80% of payday loans are rolled over within 14 days while an estimated 50% of these loans are “in a sequence at least 10 loans long.”
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    The first sentence if false; no rules have been adopted or even been published. In fact, these aren't even formal rule proposals or advance notice of public rulemaking, all of which must be poublished in the Federal Register, per the Administrative Procedures Act.   The Bureau is still in the information gathering stage.
Gary Edwards

Doug Casey: All Banks Are Bankrupt - Casey Research - 1 views

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    This interview should be must reading for every citizen of this world.  Doug Casey lays it out, explaining in the simplest of terms the problem of corrupt governments and banksters.  Put this RSS feed right next to Sir Charles' Priced In Gold" blog as essential to start your day with reading. excerpt: "Anyone with any sense should withdraw whatever cash they have in European banks, whether in euros or any other currency, immediately. Cyprus demonstrated that governments are quite willing and able to confiscate money sitting in a bank account in order to preserve the banking system. We live in Bizarro World. L: Why would it spread? Cyprus was said to be particularly vulnerable because of its strong Greek connections; Cypriot banks had bought of lot Greek debt. Would people in Luxembourg be as exposed? Doug: All banks are in effect creatures of the state at this point. They all own a lot of government bonds, which are considered the most secure form of capital. Of course, that's the opposite of the truth; all these governments are bankrupt as well. The Greek government is just more overtly bankrupt than most. Actually, we should take a minute here to discuss what a properly run banking system looks like. Historically, banks offered two types of accounts: demand deposits and time deposits. Demand deposits are what we call checking accounts today, but the original idea was that you'd pay your bank to store your money securely, and you had the right to "demand" your deposit back immediately, and to transfer funds via check. The idea of time deposits, which became savings accounts, was that the bank would pay you interest when you deposited your money with them for a specific period of time. That's why it's called a "time" deposit; you lent the bank your money for a given time, as did other depositors, and the banks would always know how much money they could lend out - at higher interest rates. Furthermore, loans made against time deposits were always short term
Teresa Carter

Long Term Repayment Loans- Quick Monetary Relief For Urgency Situation Without Any Delay - 0 views

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    You can borrow sufficient cash support with the help of long term repayment loans and enjoy a loan reimbursement period longer than other loans. If you are having low credit score then you credit score is not going to be harmful to your chances of borrowing money through these loans scheme.
Gary Edwards

Jim Kunstler's 2014 Forecast - Burning Down The House | Zero Hedge - 0 views

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    Incredible must read analysis. Take away: the world is going to go "medevil". It's the only way out of this mess. Since the zero hedge layout is so bad, i'm going to post as much of the article as Diigo will allow: Jim Kunstler's 2014 Forecast - Burning Down The House Submitted by Tyler Durden on 01/06/2014 19:36 -0500 Submitted by James H. Kunstler of Kunstler.com , Many of us in the Long Emergency crowd and like-minded brother-and-sisterhoods remain perplexed by the amazing stasis in our national life, despite the gathering tsunami of forces arrayed to rock our economy, our culture, and our politics. Nothing has yielded to these forces already in motion, so far. Nothing changes, nothing gives, yet. It's like being buried alive in Jell-O. It's embarrassing to appear so out-of-tune with the consensus, but we persevere like good soldiers in a just war. Paper and digital markets levitate, central banks pull out all the stops of their magical reality-tweaking machine to manipulate everything, accounting fraud pervades public and private enterprise, everything is mis-priced, all official statistics are lies of one kind or another, the regulating authorities sit on their hands, lost in raptures of online pornography (or dreams of future employment at Goldman Sachs), the news media sprinkles wishful-thinking propaganda about a mythical "recovery" and the "shale gas miracle" on a credulous public desperate to believe, the routine swindles of medicine get more cruel and blatant each month, a tiny cohort of financial vampire squids suck in all the nominal wealth of society, and everybody else is left whirling down the drain of posterity in a vortex of diminishing returns and scuttled expectations. Life in the USA is like living in a broken-down, cob-jobbed, vermin-infested house that needs to be gutted, disinfected, and rebuilt - with the hope that it might come out of the restoration process retaining the better qualities of our heritage.
Teresa Carter

3 Year Loans- Best Fiscal Aid Available Online to the Low Creditors! - 0 views

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    3 year loans scheme is unsecured form of loan where any people can obtain fast cash support without collateral. We do not involve any kind of lengthy paperwork for your convenience, so with us you can easily get rid of your urgent expenses in hassle free manner. This financial deal is specially designed to fulfill urgent expenditures before next payday without leaving your home.
Jeremy Stanfords

Title Loans- Quick Cash Help When You Have Monetary Problems! - 0 views

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    Title loans are the fastest and hassle free financial alternative where any car owner get quick cash support from online lender. Loan provider only requires title of your car as security for the loan approval. In simple terms, the borrower uses his or her vehicles as collateral and enjoys quick lending support.
Elias Rindy

Payday loans 24/7 Hours - 24/7 Hours Loans - 0 views

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    24/7 Hours Loans right way to borrow cash backing within a same day
Teresa Carter

Long Term Cash Loans- Derive Quick Cash Support Via Online Mode in Easy Manner! - 0 views

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    Long term cash loans are wonderful short term financial alternative made available for the salaried class people in dire need of money which is arises suddenly in their life. So, when you are out of money and need some extra funds to resolve any emergency then you can go with these loans scheme.
Teresa Carter

Get Long Term Cash Support With Simple Installment Option - 0 views

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    36 Month Loans arranges hassle free and quick cash support to the all needy applicants for numerous needs and that too easy repayment option. Apply fro these loans scheme via online medium and used money for any personal purpose.
Jeremy Stanfords

Car Equity Loans- Fetch Easy Money From Online Lender Within Short Time Of Application - 0 views

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    To obtain speedy money support you just apply for the car equity loans via online from your home comfort. It is very useful financial alternative for all needy people who have their own car or vehicle. This loans scheme is careful the most outstanding approach of receiving loan by keeping your vehicle title as collateral when you suffer from shortage money.
Jeremy Stanfords

Incredible Financial Alternative Availbale Online For Vehicle Holders! - 0 views

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    Car title loans only require you to use your car's title as collateral when you apply for these loans scheme via online mode. You can get sufficient funds from lender within quick span, the loan amount will be deposited into the borrower's bank account by the lender and you can use this borrowed loan amount for your personal purpose.
Elias Rindy

Short Term payday Loans - Online payday cash loans - 0 views

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    Short Term payday Loans are option to tackle your financial situation with ease!
Teresa Carter

Long Term Installment Loans- Appropriate Monetary Aid Available Online Easily With Simp... - 0 views

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    Long Term Installment Loans are especially designed for low credit people who want direct money from lender to resolve their fiscal emergency without any lengthy procedure. Irrespective of good or low credit records, everyone can apply for this financial loan scheme via online mode from anywhere anytime and obtained money with simple and flexible terms and conditions.
Teresa Carter

3 Year Loans- Quick Cash Advance for Fix Your Monthly Expenses! - 0 views

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    3 Year loans are suitable financial alternative for those people who have adverse credit score and need some urgent bucks from external sources. This is unsecured type of monetary aid so there is no need to fax unnecessary documents and to undergo credit verification against getting loan support.
Teresa Carter

Installment Repayment Loans- Get Easy Cash Support Via online Mode without Any Hurdle! - 0 views

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    Installment Repayment Loans are easily available online with affordable terms and conditions. This is simply arranging money to the low credit borrowers without any lengthy procedure. The loan amount deposited borrower's bank account within short time of application.
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