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Most recents (2)
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@Coinbase's bank is being sued for predatory lending in a large class action lawsuit filed ~8 weeks ago.
It gets worse though... Because @CrossRiverBank is also starting to have to sue people for loans that are going bad. Financials only allow 1.6% loss. $COIN
ruh roh
@Coinbase's bank is being sued for predatory lending in a large class action lawsuit filed ~8 weeks ago.
It gets worse though... Because @CrossRiverBank is also starting to have to sue people for loans that are going bad. Financials only allow 1.6% loss. $COIN
ruh roh
@coinbase @crossriverbank 🧵2/Ω Kinda f'ed up other thread so I'm gonna copy these over here. tl;dr #seemsbad for @CrossRiverBank and $COIN.
Specific allegations about how @CrossRiverBank (@Coinbase's bank! $COIN) broke the law and allegedly defrauded a bunch of people w/predatory "debt relief" lending along with #NewCreditAmerica
@crossriverbank 🧵 Let's look at one case filed by plaintiffs "so numerous that joinder of all members is impracticable" against @crossriverbank & #NewCreditAmerica.
Claim: CRB "uniformly, routinely, and systematically charge consumers for [illegal] debt relief services"
#predatorylending
Claim: CRB "uniformly, routinely, and systematically charge consumers for [illegal] debt relief services"
#predatorylending
@crossriverbank @CrossRiverBank "[broke the law] by failing to disclose
1. total cost
2. any material conditions on use of their service
3. any material aspect of the...characteristics of their service
4.any material aspect of customer's ability to cancel
5. any aspect of debt relief service"
1. total cost
2. any material conditions on use of their service
3. any material aspect of the...characteristics of their service
4.any material aspect of customer's ability to cancel
5. any aspect of debt relief service"
@crossRiverBank is suing its customers for not paying them back which it has almost never done before. Spring isn't even here and they've filed 4 such lawsuits already.
Almost seems like their loan book is going bad. Hope it's not more than their 1.6% loss allowance... $COIN
Almost seems like their loan book is going bad. Hope it's not more than their 1.6% loss allowance... $COIN
