Posted on October 22, 2014

What I took away from World Acceptance's investor call this morning: a) they are going to try a new incentive system for branch managers which might help them to extract more cash from past due accounts, but which definitely allow them to make otherwise-charged-off loans appear to be active until the end of the 2015 tax season. b) they are building on a novel way of collecting on loans in Mexico c) they are not going to use risk-based pricing d) they think there might be something to this whole internet concept, after all.

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Posted on October 17, 2014

Rather than declare Corinthian Colleges, Inc. to be in default on their loan, Bank of America has formally announced that they will give the for-profit school more time to make up for their missed payments. Ironic, it seems, as a recent report says that some servicers of private student loans demand immediate and full repayment upon default of student loan debt.

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Posted on October 15, 2014

When CRA examiners hold banks accountable, they respond by making more mortgage loans to LMI borrowers. When the examiners let the banks off easy, banks tend to take their CRA obligations less seriously.

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Posted on October 9, 2014

World Acceptance is in danger of failing to meet the terms of a covenant written into the most recent amendment of its commercial credit agreement.

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Posted on October 6, 2014

Block Bank deal put off? Why? Could it be some behind-scenes pressure on the use of refund anticipation checks? Could it be a moment where a regulator asks for a real CRA strategic plan for prepaid card issuers?

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Posted on October 3, 2014

For-profit schools now attract ten percent of new enrollments because our community college system is failing. We aren't spending enough at the schools which have the greatest capacity to reduce economic inequality. The result: our least advantaged are taking on an average of $23,000 in debt in order to try to get a career.

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Posted on October 2, 2014

Small banks are slow to adopt new payments technologies. Their core customers probably won't care anyway, but young people are never going to see the appeal.

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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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