payday loans
Americans are falling behind on credit card bills, auto loans — and Wall Street is getting worried
A recent survey by the Federal Reserve Bank of New York found that around 9.1% of credit card balances turned delinquent over the past year.
Elon Musk borrowed $1B from SpaceX the same month he bought Twitter
Elon Musk borrowed $1 billion from SpaceX in October -- the same month he completed his acquisition of Twitter for $44 billion. He paid the entire sum back with interest...
Cash-advance app Earnin changes its tune amid NY probe
A cash-advance app backed by rapper Nas has been scrambling to escape regulatory heat over concerns that it has been doing illegal payday lending in the Big Apple, The Post...
Online lenders under investigation by regulators in 11 states, Puerto Rico
The New York Department of Financial Services is leading a multistate probe that could snag a Silicon Valley startup backed by Andreessen Horowitz and the rapper Nas, The Post has...
Duplicate messages demanding mercy on payday lenders overwhelms regulators
Federal regulators have been inundated with messages calling for looser restrictions on payday lenders — and a lot of them look alike. The Consumer Financial Protection Bureau has received about...
Cash-advance app Earnin gets subpoenaed by NY regulator: source
New York regulators have launched an investigation into Earnin, a Silicon Valley-backed cash-advance app, over concerns that it may be skirting state lending laws, The Post has learned. The probe...
Popular cash advance app Earnin operating in payday loan 'gray area,' critics claim
AJ Smith knows all about folks owing money. After all, he’s a debt collector in Las Vegas, the gambling capital of the world. So last March, when Smith downloaded Earnin,...
CFPB spoke with industry execs before relaxing payday loan rules
The Consumer Financial Protection Bureau held negotiations with a prominent payday loan executive before the US agency rolled back stiff regulations of the controversial industry that had been slated to...
CFPB wants to roll back Obama-era restrictions on payday loans
A federal banking agency said it’s angling to roll back looming restrictions on high-interest payday loans that were slated to take effect in August. The Wednesday proposal by the Consumer...
Payday lenders held back by shutdown: sources
A widely expected rollback of consumer protection rules against payday lenders is expected to get held up for months — and was delayed in part because of the government shutdown,...
Columbia prof's ties to payday lenders cloud CFPB rollback
Getting the straight story on payday loans might be even trickier than it looks. Since at least 2017, US regulators have relied on a single, “objective” academic study to shape...
Woman scammed $200K through bogus personal injury claims: suit
A bankrupt ambulance-chaser scammed more than $200,000 from a cash-advance company that did business with her clients, a new Manhattan lawsuit charges. Lawyer Marina Trubitsky, 45, would first file “bogus,...
Payday lender sent cold email to Mick Mulvaney for CFPB gig
The ex-head of a South Carolina payday lender came up with a novel way of applying to become the head of the Consumer Financial Protection Bureau — she e-mailed the...
How America is fighting back against predatory lending
CLEVELAND, MISS. — It was such an easy trap to fall into. All Jennifer Williams needed was an extra $100 to make it to her next paycheck. Back in 2006,...
Payday lender's IPO gets a 'meh' from Wall St.
Payday lenders aren’t getting much traction on Wall Street. Curo Financial, which operates controversial loan firms like Speedy Cash that typically target lower-income borrowers, had a middling start to its...
Payday lenders have new hope with Trump's CFPB
The loan sharks smell blood. A payday lender selling loans derided as “debt traps” by the Consumer Financial Protection Bureau is going public — and it’s banking on the Trump...
Loan sharks are preying on the city's poorest residents
New York loan sharks are circling the desperate residents of the city’s poorest neighborhoods to reap gigantic profits. In a shocking new sign of economic distress among many New Yorkers,...
Regulators are planning a crackdown on payday loans
A federal agency on Thursday announced tough, long-awaited rules on payday loans that experts say could spur the closure of thousands of loan shops nationwide. Payday lenders — who give...
Payday lender operators forced to forgive $12M in loans
New York on Monday announced a settlement with two payday lender operators — barring them from working in the state and forcing them to forgive roughly 20,000 loans worth roughly...
New federal rules would handcuff debt collectors
The federal government on Thursday proposed a massive overhaul of the multibillion dollar debt-collection industry, which would restrict collectors from calling numerous times a day, require them to have more...