Posted on September 26, 2014

New Rule Would Add Protections for Servicemembers Targeted by Abusive Credit Providers

Reinvestment Partners applauds the Obama Administration and the Department of Defense’s effort to close loopholes in the Military Lending Act (MLA). The proposed rule, if adopted, will help to protect the financial security of our servicemembers by preventing lenders from offering abusive loans to servicemembers or members of their family.  Previous efforts to prevent abusive lending have been widely ignored by payday lenders and others who have modified products to evade protections put in place in 2007.

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Posted on September 23, 2014

Conn's, a Texas-based retailer with 80 stores in ten states, says it made 2.4 million collections calls in August 2014. A back-of-the-envelope estimate says that is about forty two calls per late account per month.

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Posted on September 18, 2014

Green Dot says that it will buy Santa Barbara Tax Products Group ("SBTPG") for a mix of cash and stock worth $320 million. 

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Posted on September 17, 2014

In filing a lawsuit against Corinthian for violations of the Consumer Financial Protection Act and the Fair Debt Collection Practices Act, hundreds of thousands of students who were hurt by the for-profit college's practices will experience monetary relief.

"The CFPB has forcefully addressed Corinthian's harmful policies, which have left local Durham

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Posted on September 15, 2014

First lesson in how to manage strategic communications for any large, consumer-facing company: if you are facing a critical New York Times story, answer the phone and speak to the reporter.

Lesson Two: If at possible, make some effort to ameliorate the problem with the specific customer in question.

Lesson Three: Let a decision-maker speak on behalf of the company. It is important enough that someone from the Board or in a C-suite position should take the responsibility for representing the beliefs of the company. It is not the right strategy to put it in the hands of an executive assistant. It the assistant's rejoinder could be intrepreted as dismissive, then the results will likely be worse.

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Posted on September 12, 2014

KPMG quits on World Acceptance: It is highly unusual when an accounting firm walks away from a long-term relationship with a large corporate client. Realistically, it only occurs when the firm believes that

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Posted on September 8, 2014

GoBank may be re-thinking its practice of charging a voluntary monthly maintenance fee.

On GoBank's website, it now says that accounts opened after July 23rd will have to submit to an $8.95

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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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