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Paul Merrell

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

www.occupycorporatism.com/...on-dollar-payday-loan-industry

banksters payday-lenders CFPB regulation

shared by Paul Merrell on 27 Mar 15 - No Cached
  • 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.”
  • Paul Merrell on 27 Mar 15
     
    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.
Jeremy Stanfords

Vital Points To Consider Before Availing Loan Against Vehicle! - 0 views

titleloansbostonma.blogspot.com/...points-to-consider-before.html

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shared by Jeremy Stanfords on 27 Jun 16 - No Cached
  • Jeremy Stanfords on 27 Jun 16
     
    If you are facing financial urgency but unsure whether you get the loan approval or not because of your low credit, low income or any other reason, you can simply approach Loan Against Vehicle
Jeremy Stanfords

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

www.titleloansbostonma.com/car-equity-loans.html

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shared by Jeremy Stanfords on 29 Jan 16 - No Cached
  • Jeremy Stanfords on 29 Jan 16
     
    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

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

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shared by Jeremy Stanfords on 14 Oct 16 - No Cached
  • Jeremy Stanfords on 14 Oct 16
     
    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.
Jeremy Stanfords

How To Apply For Title Loans Boston? - 0 views

medium.com/...itle-loans-boston-fb664324f7d6

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shared by Jeremy Stanfords on 08 Nov 16 - No Cached
  • Jeremy Stanfords on 08 Nov 16
     
    At times getting the required loan help is tough without offering collateral. In such times, Title Loans Boston can provide you the right solution to get the needed assistance just by giving the title of your vehicle as security.
Jeremy Stanfords

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

goo.gl/V4ZQrV

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shared by Jeremy Stanfords on 16 May 16 - No Cached
  • Jeremy Stanfords on 16 May 16
     
    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.
Jeremy Stanfords

Title Loans - Allow You to Borrow Quick Funds From Bets Source in Easy Manner! - 0 views

goo.gl/IYUW85

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shared by Jeremy Stanfords on 27 Jun 16 - No Cached
  • Jeremy Stanfords on 27 Jun 16
     
    Loan Against Vehicle is one of the perfect financial alternative which is only requires you to use the title of your car as security against loan approval. In simple terms, the borrower uses his or her car's title as collateral and gets quick cash from reliable lender in hassle free manner.
Jeremy Stanfords

Title Loans- Get Sufficient funds From Reliable Lender against the Title of Car! - 0 views

bit.ly/2fUR5Q7

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shared by Jeremy Stanfords on 24 Nov 16 - No Cached
  • Jeremy Stanfords on 24 Nov 16
     
    Title loans are a kind of short term secured type of financial alternative where any needy people get sufficient funds against their vehicle. This is a very good option to access secure and easy cash support from external sources. Online mode is the best way for applying these finances because it is save your important time and money also.
Jeremy Stanfords

Title Loans Boston Can Help You Get Quick Cash Support From Online Lender in Ease - 0 views

www.titleloansbostonma.com

title loans boston title loans car equity loans loan against vehicle vehicle loans

shared by Jeremy Stanfords on 10 Dec 15 - No Cached
  • Jeremy Stanfords on 10 Dec 15
     
    Title Loans Boston is one of the perfect monetary plan where you can get sufficient cash from online and reliable lender without any lengthy procure. So when you suffer from financial crisis then apply with us and get enough money to spend on your unplanned expenditures.
Jeremy Stanfords

Title Loans- Grab Desired Financial Support With Your Car In Easy Manner! - 0 views

www.titleloansbostonma.com/terms.html

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shared by Jeremy Stanfords on 05 Apr 16 - No Cached
  • Jeremy Stanfords on 05 Apr 16
     
    Car Title Loans are one of the best and fastest monetary alternatives where any car owner gets some extra funds from reliable lender. They provide instantaneous satisfaction for your sudden financial crisis situation. You can us the borrowed loan amount for your personal purpose without any interruption from lender side and enjoy hassle free life.
Jeremy Stanfords

Car Equity Loans- Avail Ultimate Fiscal Support For Short Time of Period! - 0 views

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shared by Jeremy Stanfords on 08 Nov 16 - No Cached
  • Jeremy Stanfords on 08 Nov 16
     
    With the help of car equity loans scheme you can acquire necessary amount and get rid of recurring expenditure. You can use the money for your personal; purpose without any hurdle from lender side. All services of this loan deal is available online so anyone can apply from anywhere anytime with no processing fee.
Jeremy Stanfords

Handle All Your Fiscal Worries Easily From Quick Loan Support - 0 views

visual.ly/ries-easily-quick-loan-support

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shared by Jeremy Stanfords on 07 Jan 16 - No Cached
  • Jeremy Stanfords on 07 Jan 16
     
    Title Loans help you get fats cash support from reliable lender regardless of your poor credit score.
Jeremy Stanfords

Guide To State The Popular Characteristics Of Title Loans Boston MA To Spread Its Worthiness Among The Car Owners! - 0 views

titleloansbostonma.blogspot.com/...e-popular-characteristics.html

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shared by Jeremy Stanfords on 25 Feb 16 - No Cached
  • Jeremy Stanfords on 25 Feb 16
     
    Looking for additional source of finances and need it now? Stop wasting your precious time in searching for the alternative options
Jeremy Stanfords

Convenient Way To Handle Your Financial Stability In Hassle Free Mann… - 0 views

www.slideshare.net/...tability-in-hassle-free-manner

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shared by Jeremy Stanfords on 21 Jan 16 - No Cached
  • Jeremy Stanfords on 21 Jan 16
     
    Are suffering from unexpected and unforeseen fiscal worries and looking for the quick cash support from lender?
Gary Edwards

The Libertarian View: Are Tariffs Bad? - 1 views

www.ronpaulforums.com/showthread.php

Libertarian Austrian-Economics Tariffs-NAFTA China Ron-Paul

shared by Gary Edwards on 26 Jan 12 - No Cached
  • Gary Edwards on 26 Jan 12
     
    As many know, i spent quite a bit of time working for a Chinese Company seeking to enter the USA-European software market.  My task was to research the market, discover and define a market opportunity, design the product, and then work as product manager to get that service to market.  I took this job to better understand the Chinese marketplace and how sovereign Chinese companies work.  What i learned is how the Chinese seek to exploit and totally dominate open markets.  Software is just a category whose time has come.  and there are thousands of Chinese companies lining up.  The first step though is to fine tune the existing blueprint used by other Sina sovereigns.  amazing stuff. My take away from this experience is that the USA MUST set up a 30% tariff on ALL imports, and do so IMMEDIATELY!!!  Yesterday is not soon enough! As a newly minted libertarian, i wondered about the obvious conflict with Austrian Economics and their dedication to free markets and free trade?  I found the answer at this Libertarian forum, where many members were in heated discussion.  Comment #7 sums it up best i think.  Including a link to Ron Paul's Tariff-NAFTA speech. The thing is, the 30% Tariff should be part of an overall TAX REDUCTION PLAN.  I support the FAIR TAX and the Balanced Budget Amendment.  As an alternative to the Fair Tax, I would also support a 17% flat tax with no exceptions.  The ideal situation being an immediate, uncompromising, no exceptions 30% tariff on ALL imports coupled with the Fair Tax and the Balanced Budget Amendment.   And yes, i do believe this plan is consistent with the Founding Fathers Constitution.  But it took some kind of research to establish that opinion.   I've also concluded that "conservatism" is a convenient philosophical vehicle for the corrupt crony corporatism of both the military-industrial-complex, banksters and, international corporations.  Free trade and open markets concepts are perverted to become a thin veil
Paul Merrell

It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors | WEB OF DEBT BLOG - 0 views

webofdebt.wordpress.com/...anned-for-us-and-uk-depositors

financial-collapse Cyprus banksters U.S. confiscation

shared by Paul Merrell on 12 Apr 13 - No Cached
  • Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few Eurozone “troika” officials scrambling to salvage their balance sheets. A joint paper by the US Federal Deposit Insurance Corporation and the Bank of England dated December 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds.  
  • Although few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay. (See here and here.) But until now the bank has been obligated to pay the money back on demand in the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into “bank equity.”  The bank will get the money and we will get stock in the bank. With any luck we may be able to sell the stock to someone else, but when and at what price? Most people keep a deposit account so they can have ready cash to pay the bills.
  • No exception is indicated for “insured deposits” in the U.S., meaning those under $250,000, the deposits we thought were protected by FDIC insurance. This can hardly be an oversight, since it is the FDIC that is issuing the directive. The FDIC is an insurance company funded by premiums paid by private banks.  The directive is called a “resolution process,” defined elsewhere as a plan that “would be triggered in the event of the failure of an insurer . . . .”
  • ...7 more annotations...
  • The 15-page FDIC-BOE document is called “Resolving Globally Active, Systemically Important, Financial Institutions.”  It begins by explaining that the 2008 banking crisis has made it clear that some other way besides taxpayer bailouts is needed to maintain “financial stability.” Evidently anticipating that the next financial collapse will be on a grander scale than either the taxpayers or Congress is willing to underwrite, the authors state: An efficient path for returning the sound operations of the G-SIFI to the private sector would be provided by exchanging or converting a sufficient amount of the unsecured debt from the original creditors of the failed company [meaning the depositors] into equity [or stock]. In the U.S., the new equity would become capital in one or more newly formed operating entities. In the U.K., the same approach could be used, or the equity could be used to recapitalize the failing financial company itself—thus, the highest layer of surviving bailed-in creditors would become the owners of the resolved firm. In either country, the new equity holders would take on the corresponding risk of being shareholders in a financial institution.
  • If our IOUs are converted to bank stock, they will no longer be subject to insurance protection but will be “at risk” and vulnerable to being wiped out, just as the Lehman Brothers shareholders were in 2008.  That this dire scenario could actually materialize was underscored by Yves Smith in a March 19th post titled When You Weren’t Looking, Democrat Bank Stooges Launch Bills to Permit Bailouts, Deregulate Derivatives.  She writes: In the US, depositors have actually been put in a worse position than Cyprus deposit-holders, at least if they are at the big banks that play in the derivatives casino. The regulators have turned a blind eye as banks use their depositaries to fund derivatives exposures. And as bad as that is, the depositors, unlike their Cypriot confreres, aren’t even senior creditors. Remember Lehman? When the investment bank failed, unsecured creditors (and remember, depositors are unsecured creditors) got eight cents on the dollar. One big reason was that derivatives counterparties require collateral for any exposures, meaning they are secured creditors. The 2005 bankruptcy reforms made derivatives counterparties senior to unsecured lenders.
  • Smith writes: Lehman had only two itty bitty banking subsidiaries, and to my knowledge, was not gathering retail deposits. But as readers may recall, Bank of America moved most of its derivatives from its Merrill Lynch operation [to] its depositary in late 2011. Its “depositary” is the arm of the bank that takes deposits; and at B of A, that means lots and lots of deposits. The deposits are now subject to being wiped out by a major derivatives loss. How bad could that be? Smith quotes Bloomberg: . . . Bank of America’s holding company . . . held almost $75 trillion of derivatives at the end of June . . . . That compares with JPMorgan’s deposit-taking entity, JPMorgan Chase Bank NA, which contained 99 percent of the New York-based firm’s $79 trillion of notional derivatives, the OCC data show.
  • $75 trillion and $79 trillion in derivatives! These two mega-banks alone hold more in notional derivatives each than the entire global GDP (at $70 trillion).
  • Smith goes on: . . . Remember the effect of the 2005 bankruptcy law revisions: derivatives counterparties are first in line, they get to grab assets first and leave everyone else to scramble for crumbs. . . . Lehman failed over a weekend after JP Morgan grabbed collateral. But it’s even worse than that. During the savings & loan crisis, the FDIC did not have enough in deposit insurance receipts to pay for the Resolution Trust Corporation wind-down vehicle. It had to get more funding from Congress. This move paves the way for another TARP-style shakedown of taxpayers, this time to save depositors. Perhaps, but Congress has already been burned and is liable to balk a second time. Section 716 of the Dodd-Frank Act specifically prohibits public support for speculative derivatives activities.
  • An FDIC confiscation of deposits to recapitalize the banks is far different from a simple tax on taxpayers to pay government expenses. The government’s debt is at least arguably the people’s debt, since the government is there to provide services for the people. But when the banks get into trouble with their derivative schemes, they are not serving depositors, who are not getting a cut of the profits. Taking depositor funds is simply theft. What should be done is to raise FDIC insurance premiums and make the banks pay to keep their depositors whole, but premiums are already high; and the FDIC, like other government regulatory agencies, is subject to regulatory capture.  Deposit insurance has failed, and so has the private banking system that has depended on it for the trust that makes banking work.
  • The Cyprus haircut on depositors was called a “wealth tax” and was written off by commentators as “deserved,” because much of the money in Cypriot accounts belongs to foreign oligarchs, tax dodgers and money launderers. But if that template is applied in the US, it will be a tax on the poor and middle class. Wealthy Americans don’t keep most of their money in bank accounts.  They keep it in the stock market, in real estate, in over-the-counter derivatives, in gold and silver, and so forth. Are you safe, then, if your money is in gold and silver? Apparently not – if it’s stored in a safety deposit box in the bank.  Homeland Security has reportedly told banks that it has authority to seize the contents of safety deposit boxes without a warrant when it’s a matter of “national security,” which a major bank crisis no doubt will be.
  • Paul Merrell on 12 Apr 13
     
    Time to get your money out of the bank and into gold or silver, kept somewhere other than in a bank safety deposit box. 
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