Consumers Beware: OppFi Loans is Breaking the Law

 From NewsBreak:

The Chicago Sun-Times reports that online lender OppFi engaged in a shadow lobbying campaign to overturn Illinois’ new Predatory Loan Prevention Act (PLPA) which caps interest rates on payday loans at 36%.

Pritzker Signs Predatory Loan Prevention Act

The Illinois law knocked out of business those who dealt in auto-title and personal loans, payday advances and other forms of finance whose interest rates are well into the triple digits, often 400% and higher. It caused big trouble for Chicago-based Opportunity Financial, which does business as OppFi.

While online lenders like OppFi often use a “rent-a-bank” strategy to circumvent state rate caps, the Illinois law prevents OppFi from using that tactic in Illinois.

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Banks Fronting for Legalized Loan Sharks

 From NewsBreak: 

The Consumer Federation of America (CFA) was joined by more than a dozen other consumer advocacy groups in calling on the Federal Deposit Insurance Corporation (FDIC) to take action against predatory lending.

“Last year, Congress took a stand against the harmful rent-a-bank model that is being used by predatory payday and installment lenders to make triple-digit interest rate loans that are illegal across the country by overturning the “fake lender” rule,” said Rachel Gittleman, Financial Services Outreach Manager with Consumer Federation of America. “But rent-a-bank lenders are alive and well, using a few FDIC-regulated banks to peddle predatory loans to consumers throughout the country. The FDIC must stop permitting its supervised banks from engaging in this harmful behavior.”

In a letter, the groups said:

“FDIC-supervised banks are helping predatory lenders make loans up to 225% APR that are illegal in almost every state. 

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HHS 9th Grade Basketball - GAMEDAY

 

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$30 Billion a Year in "Junk Fees"

 From NewsBreak:

Today, the Consumer Financial Protection Bureau (CFPB) issued a request for information on late and junk fees charged by banks and credit cards. The move is an effort to begin the process of designing protections for consumers in the credit and banking industries.

In making the announcement, the CFPB indicated that industry reform could save consumers billions of dollars each year.

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HHS vs. Gallatin - BASKETBALL tonigh

 

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Tonight in Hendersonville: Diary of Anne Frank at HPAC

 Opens tonight! The BroadwayWorld 2021 Nashville Awards Most Anticipated Upcoming Production Of A Play

THE DIARY OF ANNE FRANK Hendersonville Performing Arts Co

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Snow Wednesday Night?

 NashvilleSevereWX has a mid-week forecast up that indicates there could SOME snow Wednesday evening - a dusting, flurries, precip of some sort. 

The main takeway: It's nice today and will be warmish tomorrow, then get REALLY cold.

Enjoy the warm(er) temperatures mid-week because a cold front comes in Wednesday evening bringing below average temps in to the weekend. Of course, showers also tag along. These showers start Wednesday morning. No severe weather is expected with this system. Isolated thunderstorms could be in the mix especially as a more pronounced line begins to form later Wednesday afternoon.

A wintery mix may be at the backside of this frontal passage. The temperatures are there but the amount of moisture to support a wintery mix is in question.

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