Thursday , 9 July 2020


Black communities vulnerable to ‘debt traps’ as key protections against payday loans removed

In 2017, the Consumer Financial Protection Bureau (CFPB) finalized a rule to combat what’s known as “payday debt traps.” This week, a new rule was finalized to walk back the protections, which stood largely to protect those in precarious economic circumstances from getting trapped in a vicious and expensive cycle of astronomical interest rates — a phenomenon that especially affects …

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Dan Gilbert Will Keep Voting Control at Quicken Loans Parent After IPO

Detroit businessman and Cleveland Cavaliers owner Dan Gilbert spent the past 35 years building Quicken Loans into a mortgage lending giant and an extension of his personal brand. That won’t stop when the company goes public. Rocket Companies Inc., which owns Quicken Loans, filed paperwork this week to potentially list its shares on the New York Stock Exchange. In it, …

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Rollback of Payday Loan Proposal Decried by Consumer Groups, Welcomed by Banks

WASHINGTON—A Trump administration decision to roll back an Obama-era effort to rein in payday lenders was denounced by consumer advocates and Democrats but welcomed by banks seeking to enter the market for high-interest consumer loans. The Consumer Financial Protection Bureau on Tuesday formally repealed a key provision of proposed regulation requiring lenders to verify borrowers’ incomes to ensure that they can …

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Bon Iver’s Justin Vernon, Summerfest, among PPP loan recipients in Wisconsin

CLOSE Justin Vernon, pictured here with Volcano Choir at the Pabst Theater in 2013, performed with Bon Iver on “The Tonight Show with Jimmy Fallon” Wednesday. (Photo: CJ Foeckler/Pabst Theater Group) With the live music industry at a standstill because of the coronavirus pandemic, major touring acts are among the businesses that have received Paycheck Protection Program loans — including Bon Iver’s …

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Fed’s Rosengren says demand for Main Street loans expected to grow as U.S. economy grapples with virus

FILE PHOTO: The Federal Reserve Bank of Boston’s President and CEO Eric S. Rosengren speaks during the “Hyman P. Minsky Conference on the State of the U.S. and World Economies,” in New York, April 17, 2013. REUTERS/Keith Bedford (Reuters) – The U.S. economy could recover more slowly than expected from the economic crisis caused by the novel coronavirus, and demand …

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