Lmst

New York Attorney General Sues DailyPay and MoneyLion Over Alleged Predatory Lending Practices https://shinemycrown.com/new-york-attorney-general-sues-dailypay-and-moneylion-over-alleged-predatory-lending-practices/?utm_source=dlvr.it&utm_medium=mastodon #NewYork #AttorneyGeneral #PredatoryLending #DailyPay #MoneyLion

The Banksters are freaking out.

Every day this week I’ve received an email from Citibank encouraging me to take a cash advance on the credit cards I have with them that I don’t use because the interest rate is ridiculous.

I keep the credit cards I don’t use frozen because Discover card has shown me that if someone is able to get my credit card numbers and use them I will have to pay, so I will not fuck around and find out.

And instead of silently allowing me to use this security feature that they’ve advertised to me to protect myself with I get emails once a week reminding me that I have frozen my cards and telling me that if I’ve lost it I should go ahead and get a new card number so I can unfreeze that card.

NO THANK YOU SKANKS, NOT TODAY CAPITALISM, YOU WILL NOT GET ME TODAY!!

This recession is going to be so interesting. During the last recession credit cards were canceling peoples credit lines because they were afraid they would use them and then not pay, but during this recession they’re trying to talk us into using credit lines we won’t be able to pay for?

This is going to be so interesting. It makes me think they think the #bankruptcy laws will be changing. Why else would they want my disabled ass to take loans on these cards? They know my income. I don’t lie about my income to them because I’m not down with being accused of credit card fraud should I need to do a BK someday.

WHAT IS HAPPENING???

#CapitalismIsAScam #CreditCardDebt #PredatoryLending #banksters

One of the loudest advocacy voices in this case has been NACA (aka the Neighborhood Assistance Corporation of America), which claims to have coined the term "predatory lending". Given NACA's history, I was surprised they don't have a #Wikipedia page (although one has been created and deleted several times over the last couple of decades).

https://www.naca.com/campaigns-history/

https://www.naca.com/naca-stands-against-predatory-lending-stop-bluehubs-bailout-legislation/

#PredatoryLending #ConsumerProtection

Via today's Act on Mass newsletter, I learned that the $4 billion economic development bill contained a section which would shield "foreclosure rescue" shared-appreciation mortgage lenders from liability for predatory lending practices and lack of disclosure in their agreements. It seems designed to inoculate BlueHub Capital from a pending class-action lawsuit. Despite outcry from advocacy organizations, Governor Healey left this intact when she signed the omnibus jobs bill last week. BlueHub's CEO has been one of Healey's biggest donors and fundraisers. A bad look.

https://www.wgbh.org/news/housing/2024-11-18/advocates-implore-healey-to-veto-shield-for-roxbury-nonprofit-accused-of-predatory-lending

https://www.wgbh.org/news/politics/2024-11-20/healey-signs-4-billion-jobs-bill

#MApoli #PredatoryLending #ConsumerProtection #MauraHealey #BlueHub #Massachusetts

A #Wisconsin #NativeAmerican Tribe Built a #Lending Empire Charging 600% Annual Rates

The #LacDuFlambeau [#LDF] tribe is at the center of a $1B #ClassAction settlement that comes after yrs of fending off claims of #PredatoryLending practices.

In #bankruptcy filings & #consumer complaints, thousands of people across the country make pleas for relief from high-interest #loans w/punishing annual rates that often exceed 600%

#Regulation #SovereignImmunity #opportunism #law
https://www.propublica.org/article/wisconsin-lac-du-flambeau-tribe-predatory-lending-lawsuit-sovereign-immunity

I’m always interested in how bike companies are adding financing as an option for their customers. I saw a Citizens Pay ad (which I had never heard of) for Trek’s online store with “0% financing”. So I clicked through and found this buried really deep in the fine print… 29.99% APR on purchases “after the promotional period”. This kind of predatory lending should be illegal. #BuyerBeware #TrekBikes #CitizensPay #CitizensBank #PersonalFinance #ebike #PredatoryLending #BikeTooter

Chart from the Citizens Pay web site showing the “Annual percentage rate (APR) for purchases” with a 29.99% interest rate.

The questions we’re not supposed to ask are WHY do we live this way? WHO profits from it? HOW did it get this way? You’re supposed to shrug your shoulders and blithely say, “I guess this is how the world works.”

https://medium.com/@sara_causey/ive-seen-this-movie-before-2f7aee7584ff

#economy #cronycapitalism #BNPL #debt #costofliving #NINJAloans #PredatoryLending #thefed

I like to occasionally use #PayPal credit but there is something inherently dishonest that if I set up an auto payment, and make a different payment, that they wipe out the auto-payment of the extra payment. If I'm not paying attention, could be charged penalties for something I think I have set up to pay off. #predatorylending

Predatory lending on private student loans is friggin criminal. My son is paying 10% interest on one loan and 8.5% on another. It’s impossible to make up any ground when all you can do is pay the interest payments. This practice should be illegal. #StudentLoans #PredatoryLending

Trump's pardoning of a Kushner-linked drug smuggler undercut a larger DOJ investigation

https://www.businessinsider.com/trump-pardon-kushner-drug-smuggler-jonathan-braun-doj-predatory-lending-2023-11

#TrumpPardon #KushnerDrugSmuggler #DOJInvestigation #JonathanBraun #PredatoryLending #Undercut #Politics #News

In case you had any illusions that #Trump was not a #mobBoss… read about this 11th hour #pardon, 12:51 a.m. on his last day in office

<< A Staten Islander with a history of violent threats, Mr. Braun had told a rabbi who owed him money: “I am going to make you bleed.”>>

#USmafia #predatoryLending #DrugSmuggler #JonathanBraun

@RollingStone
https://www.rollingstone.com/politics/politics-news/trump-pardon-loan-shark-jonathan-braun-1234897002/

@nytimes
#FreeLink
https://archive.ph/Y4IA3

The corruption is profound. [Gifted article, no paywall, NYTimes.com]: A Troubling Trump Pardon and a Link to the Kushners

A commutation for a drug smuggler named Jonathan Braun had broader implications than previously known. It puts new focus on how Donald Trump would use his clemency powers in a second term.

https://www.nytimes.com/2023/11/26/us/politics/trump-pardon-braun.html?unlocked_article_code=1.BU0.9HRT._3QYMHoFnh-E&smid=em-share

#trump #corruption #maga #kushner #predatoryLending #trumppardons #corrupt #JonathanBraun

What Are Some Options For Unsecured Startup Loans For Small Businesses

Click Url: https://govtjobscenter.in/what-are-some-options-for-unsecured-startup-loans-for-small-businesses/

Great article by @mikeburgersburg about #Coinbase's sketchy af banking partner #CrossRiverBank goes through the Congressional accusations of #PPP / Covid relief fraud on a massive scale, the incredible #predatorylending schemes this bank is running through its partners at companies like #AFRM and #UPST, and other aspects of Cross River's "interesting" business model.

Doesn't even get into the $100 million investment from the Malaysian police inspector who "investigated" the theft of $4-5 billion in one of the greatest financial scandals of all time, #1MDB (fun fact: the movie "The Wolf Of Wall Street" was funded in large part by this massive theft from Malaysia's working people). I'll be getting into that part on my own substack next week.

Ω👇Ω
https://dirtybubblemedia.substack.com/p/cross-river-crack-up

#cryptocurrency #crypto #bitcoin #ethereum #binance #Malaysia #fedifridays

Cross River Crack-Up

A deteriorating business model, fraud, and banking crypto. What could possibly go wrong?

[ Dirty Bubble Media

@ 5 hrago s o w @ After the Great Bank Panic of March 2023, crypto firms had to scramble to find alternative banking solutions. In just two weeks, the crypto industry had lost three of the most crypto-friendly institutions in the business. Given the generally frosty attitude of regulators and bankers towards cryptocurrency, and the fact that crypto had now contributed to the failure of multiple banks, it is unsurprising that the prospects for now-bankless crypto firms were slim.

However, soon thereafter media reports surfaced about a possible savior. The stablecoin issuer Circle announced they would be using an obscure privately held New Jersey bank called Cross River to handle payment processing services. Despite its relatively small size in asset terms, Cross River is a critical player in the financial technology “fintech” world. It also has a longstanding relationship with the cryptocurrency industry. Cross River has taken a somewhat unique approach to banking and has no branches and no tellers. Its focus on rapid growth and willingness to take risks launched it from a tiny bank worth a few million dollars to a multi billion- dollar valuation in a little over a decade.

How Georgia’s Top GOP Leaders Have Blocked Title Lending Reform

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TMX Finance and Select Management Resources, the owners of two major title lending brands, have been cozying up to #Georgia lawmakers in a position to bottleneck industry reform.

#Loans #Lending #TitleLoans #TitleMax #LoanMax #PersonalFinance #PredatoryLending

https://www.propublica.org/article/how-gop-leaders-block-title-lending-reform-georgia?utm_medium=social&utm_source=mastodon&utm_campaign=mastodon-post

Once you see the truth about cars, you can’t unsee it:

“Championed as a kind of liberation, car ownership — all but mandatory in most parts of the country — has for many become a vehicle of capture and control.”

#Urbanism #CarCulture #CarDependency #Transportation #Transit #police #PredatoryLending #SystemicRacism