Projects

  • MARS CURIOSITY ROVER

    Many payday lenders could go out of business if rules made final this week by the Consumer Financial Protection Bureau go into effect. But the changes face stiff headwinds from Republicans in Congress. One new rule would require payday and auto title lenders to determine whether a borrower can afford to repay in full within 30 days. That could thwart a business model that consumer advocates say relies on the rollover of unpaid loans with the accumulation of exorbitant fees and interest rates of 300 percent or more.

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  • INTERTERNATIONAL SPACE STATION

    he proposed regulations also would limit the number of times a lender can debit a borrower's account without being reauthorized to do so. As The Associated Press writes, "This is because many payday loan borrowers end up over-drafting their bank accounts, which in turn incurs fees" or forces them to close their accounts.

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