Posted on April 17, 2014

An article in American Banker says that Capital One and Fifth Third have decided to stop making payments for check cashers and payday lenders. 

Now that the Department of Justice is aggressively pursuing instances where banks facilitate illegal

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Posted on April 16, 2014

What if someone told World that they couldn't have it both ways: they could make loans that amortize to the Rule of 78ths or they could refinance them, but not both?

It is not rare for a customer to refinance an installment loan. Some companies report that they originate three times

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Posted on April 15, 2014

Before you run out to spend your tax refund on a new LG 60PN5700, make sure you shop around for the best price.

The 60PN5700 is LG's new 60-inch plasma television. It is a sweet TV: 1080 pixels, energy saver status, 600hz, ability to connect to online content sellers like Amazon or NetFlix, and the Picture Wizard II technology.

LG is selling it directly on its web site right now for $1,249.99. Charge it on a credit card that imposes an interest rate of

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Posted on April 14, 2014

Massachusetts Attorney General Martha Coakley filed a civil action against Corinthian Colleges, the corporate parent of Everest Colleges, in Suffolk County Superior Court on April 3rd. Here are a few excerpts:

Selective Admissions

Admissions are selective: Everest says "Make sure you are one of the people who gets a spot in career training."

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Posted on April 11, 2014

Bank of the Internet says that it has reached an agreement to buy Block Bank. It is the second time that Block has reached such an agreement in the last year. Last time the buyer was Republic Bank, but it was held up by regulators. The same contingency is on everyone's mind this time as well.

Back in November, I wrote that B of I was the likely suitor: My suspicion hinged on the announcement that B

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Posted on April 9, 2014

Wells Fargo says that David Hoyt, the executive who has led Wells Fargo's wholesale banking division for the past 18 years, is retiring.

Hoyt has fans within banking. A leading hedge fund manager says that Hoyt has been the best commercial banker in the

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Posted on April 8, 2014

Two publicly-traded debt collectors picked up new loans this week.

Asta Funding increased its debt and reduced its interest rates this week. The new loan will provide Asta with $15 million at 4.75 percent. CBC Settlement (a non-bank in Delaware) and FirstTrust Bank extended the agreement through the end

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Connecting the Dots: How Wall Street Brings Fringe Lending to Main Street

At-risk students, for-profit college

"I Feel Like I was Set Up to Fail: Inside a For-Profit College Nightmare."

This story was published in Salon Magazine on January 27th, 2014. In March, Senator Richard Durbin cited this story when speaking on behalf of his bill, The Student Loan Borrowers Bill of Rights.

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