Gov't Acting Like Payday Lender or Credit Card Companies

Discussion in 'Current Events' started by Annie, Apr 23, 2009.

  1. Annie
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    Annie Diamond Member

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    Is the Government Acting Like a Payday Lender?: Banks want to pay back their bailout loans early, but Treasury doesn't want to let them go. - Reason Magazine

     
  2. RodISHI
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    RodISHI Gold Member

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    Apparently four banks have already returned TARP money. They did not care for the restrictions.

    4 Banks Become First to Repay TARP Money
    March 31, 2009, 4:43 pm

    Four smaller regional banks on Tuesday became the first financial institutions to return the federal money they had received under the government’s banking bailout, leaving a program that placed restrictions on their executive compensation and other spending.



    It appears that four banks have already paid back TARP monies.

    Barney Frank welcomes payback of TARP money...


    Paying back something with something of less value of course probably is going to cut it.....Public Stocks of course is not the same as cash.

    According to the Wall Street Journal Goldman may have looked to raise some cash through Chinese capital.

    It is plausible that one can start rumors and get over a bump in the road.
     
  3. waltky
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    waltky Wise ol' monkey Supporting Member

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    Payday lenders a problem in England too...
    :eusa_eh:
    Policing of payday lenders is timid
    30 May 2013 > A regulator has been "ineffective and timid" in tackling rogue payday and door-to-door lenders, MPs have said.
     
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  4. waltky
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    waltky Wise ol' monkey Supporting Member

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    Feds seek penalties against retailer that caters to military...

    Feds seek penalties against retailer that caters to servicemembers
    December 19, 2014 — The Consumer Financial Protection Bureau and attorneys general from Virginia and North Carolina are seeking penalties and restitution from a Virginia-based retailer that caters to servicemembers, alleging it used illegal tactics to collect debts.
    See also:

    Judge orders company to release servicemembers’, civilians’ vehicles
    December 19, 2014 ~ A Defense Department subcontractor was ordered on Wednesday to release dozens of servicemembers’ and civilians’ vehicles seized in a financial dispute between the subcontractor and its partner company.
     
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  5. waltky
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    waltky Wise ol' monkey Supporting Member

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    Consumer Financial Protection Bureau proposal comes out against payday loans...
    [​IMG]
    New CFPB proposal aims at 'payday debt traps'
    June 2, 2016 - Lenders who offer payday loans and other small-dollar advances would have to assess whether borrowers could afford and repay the debts, according to a federal rule proposed Thursday.
    See also:

    CFPB: Online payday loans hit consumers with hidden risk
    April 20, 2016 - Consumers who turn to online lenders for payday loans face hidden risks of costly banking fees and account closures, according to a federal analysis released Wednesday.

     
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  6. RodISHI
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    RodISHI Gold Member

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    They need to go after banks that are dinging employee checks that are written on their banks too. It cost an employee $5.00 to cash a check if they do not open a bank account. It is illegal but the banks like WF encourage it by giving paybacks to the employers. In essence they are complicit in stealing almost an hour of work from the employee every payday.
     
  7. waltky
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    waltky Wise ol' monkey Supporting Member

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    Payday loans come under new regulations...
    [​IMG]
    Lending Rules Could Shutter Some Businesses: Regulators
    Oct 04, 2016 | Federal regulators expect some retailers and payday lenders who target military customers to close as a result of new lending rules that kicked in Monday. The new rules expand a 36 percent interest rate cap included in a 2006 law known as the Military Lending Act to almost every type of consumer credit.
     

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