Most notably, under the previous DOD rules, the MLA generally applied only to "payday" loans, vehicle title loans, and refund anticipation loans. Under the amended rules, the MLA applies to most non-mortgage closed-end and open-end credit, including …
Seed capital will allow Texas Community Capital to expand the employer-based loan program to borrowers needing access to credit as an alternative to high-cost payday and auto title loans by signing on and providing support to new mission-based …
The CFPB's announcement in Kansas City, Missouri, on June 2, at what it advertised as a field hearing on small-dollar lending (the agency also offered rules governing auto-title loans – loans using a car as collateral), begins a three-month comment …
The report examined nearly 3.5 million anonymized, single-payment auto title loan records from nonbank lenders from 2010 through 2013.
Lending firms offering car title loans are far more lenient than banks or credit card companies because of the nature of the loan they are offering.
Transactions targeting military cannot have these clauses if they involve payday loans or vehicle-title loans. In March, the Department of Education came out with proposals to ban mandatory arbitration clauses by schools that receive federal funding.
A 26 year-old Turkish carder has received a record 332-year prison sentence for defrauding 54 customers.
Onur Kopçak was charged after he stole and resold customer credit cards to other criminals.
Turkish media report the man received a 135-year sentence for stealing 11 credit cards handed down by the Mersin third Criminal Court.
Kopçak was handed 199 years and seven months in 2013 for stealing 43 credit cards using phishing bank sites, dished out by the Criminal Court of Appeals.
The media reports the man claims innocence but will not appeal the judgment, saying that Turkeys Court of Cassation (Supreme court) will not deliver justice on account of an unspecified chain-of-guilt ruling.
It is likely the largest sentence ever handed down for hacking.
DETROIT, MI — Relativesbelieve 24-year-old Kajavia Globe, of Detroit, was killed, but officials arent so sure.
The Wayne County Medical Examiners Office requested toxicology tests following the womans death.She was last seen by relatives Dec. 11.Globes body was found atthe rear of a home at 18551 Fielding in Detroit about 7 pm three days later.
Based on toxicology results, the Medical Examiners Office said Tuesday the cause of death cannot be determined.
No otherinformation was offered. MLive Detroit requested further explanation or the ability to review the public autopsy and toxicology records and is awaiting a response.
Detroit Police Assistant Police Chief Steve Dolunttold WJBK-TV, Channel 2 Newsthere were no visible signs of trauma on Globes body.
Police said Globes Chevy Impala was located abandoned near Chatam and Fenkel in Detroit about 6:30 am Dec. 13.
Investigators feared Globe was in danger after they learned the suspected abductors had used Globes bank cards to withdraw funds.
Bank video showed a person wearing a skeleton mask to cover their face using Globes card.
Anyone with information about the cases is asked to call the Eight Precinct Detective Unit, 313-596-5840.
Information will be updated when it is obtained from the Wayne County Medical Examiners Department or Detroit police.
As oil prices have dropped over the last 12 months, Nigeria has been faced with a major foreign exchange crisis as the resource, its main export, accounts for a majority of its foreign exchange earnings. The Central Bank of Nigeria (CBN) says monthly foreign exchange earnings have dropped by 69% as a result of the fall in oil prices.
While earnings have crashed, the countrys import bill remains high thus leading to a depletion in dollar reserves. To prevent further depletion of its foreign reserves, Nigerias Central Bank imposed strict foreign exchange restrictions aimed at limiting supply. These included blocking debit cards usage abroad and also banning over-the-counter deposits of foreign exchange at local banks. The restrictions have been widely criticized, most recently by IMF boss, Christine Lagarde during a visit to Nigeria last week.
Now, the Central Bank is finally lifting some of the restrictions as Nigerians can now make foreign exchange deposits at local banks and also use bank cards abroad. The restrictions on use of debit cards have made life difficult for Nigerians who holiday abroad as well business owners who need to source foreign exchange.
Lifting the restrictions will do little to close the wide margin between the official exchange rate 199 naira to the one dollar and the parallel market rate of 260 naira as the parallel market continues to thrive. The bank has blamed this on foreign exchange dealers and announced it will stop selling dollars to them, forcing bureau de change operators to source foreign exchange from autonomous sources. The lifting of restrictions should ease the pressures on the market but frustrations remain that the Central Bank is putting off a devaluation of its currency.
Consumer delinquencies on closed-end personal and home equity loans, for example, as well as bank cards increased slightly in the third quarter of 2015, according to the American Bankers Association’s latest Consumer Credit Delinquency Bulletin. However, overall consumer delinquencies still remain close to historical lows.
The increase in closed-end loan delinquencies occurred as growth in the economy slowed in the third quarter, according to a news release from the ABA.
The composite ratio of eight closed-end installment loan categories increased five basis points to 1.41 percent of all the accounts in the third quarter, according to the news release. The third quarter result is still 10 basis points lower than the third quarter 2014 composite ratio and shows closed-end loan delinquencies are also well below the 15-year average of 2.25 percent.
Delinquencies, defined by the ABA as a late payment that is 30 days or more overdue, increased in six of the 11 individual loan categories tracked in the third quarter.
- Personal loan delinquencies rose from 1.41 percent to 1.52 percent.
- Direct auto loan delinquencies rose from 0.72 percent to 0.74 percent.
- Indirect auto loan delinquencies rose from 1.45 percent to 1.51 percent
- Mobile home delinquencies rose from 3.55 percent to 3.59 percent.
- Home equity loan delinquencies rose from 2.90 percent to 2.91 percent.
- RV loan delinquencies remained at 0.95 percent.
- Marine loan delinquencies remained at 1.09 percent.
- Property improvement loan delinquencies fell from 0.91 percent to 0.87 percent.
- Bank card delinquencies rose from 2.52 percent to 2.54 percent.
- Home equity lines of credit delinquencies fell from 1.34 percent to 1.31 percent.
- Non-card revolving loan delinquencies fell from 1.80 percent to 1.71 percent.
“The economy remains positive even though its momentum slipped a little in the third quarter,” said ABA’s Chief Economist James Chessen in the news release. “Slower job and household income growth made for fewer improvements in delinquency rates. Fortunately, consumers remained disciplined in managing their debts, which has kept delinquencies close to historical lows.”
Home-related delinquencies continued to decline in the third quarter 2015. Home equity line delinquencies declined three basis points to 1.31 percent of all accounts and property improvement delinquencies declined four basis points to 0.87 percent of all accounts, according to the news release. Home equity loan delinquencies increased slightly to 2.91 percent of all accounts after a 22-basis point decline in the second quarter.
“The steady decline in home-related delinquencies has been a bright spot as they grind their way back to pre-recession levels,” Chessen said in the news release. “We expect this trend to continue as the housing market keeps gaining strength.”
While consumers’ bank card delinquencies increased slightly from 2.52 percent to 2.54 percent of all accounts in the third quarter, they still remain below the 15-year average of 3.72 percent, according to the ABA.
Bank card delinquencies also increased slightly in the second quarter, ACA International previously reported.
Chessen said he expects delinquencies will remain near the historically low levels in the future as the economy is expected to improve.
“A good economy and lower delinquency rates go hand-in-hand, and the [Federal Reserve] is betting on a stronger economy in 2016,” he said. “If the economy remains solid and jobs continue to grow, we would expect delinquency levels to continue hovering near these historic lows.”
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