Discover and read the best of Twitter Threads about #predatorylending
Most recents (2)
@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
In the case study category of why states matter for consumer protection and protecting against #predatorylending, this story of a policy failure of the #CFPB to address payday loans merits notice. nytimes.com/2020/04/29/bus…
The painful reality is--"many borrowers find themselves unable to repay their debts quickly, and borrow again. Half of all payday loans are extended at least nine times, piling up fees that can exceed the value of the original loan." That's why we in Colorado banned payday loans.
And the #CFPB knew all of this, as demonstrated by their research. But the leadership insisted on disregarding it and seeking to help payday lenders, not consumers. Thankfully, we have states who can pay attention to the data and protect consumers.
