Consumer Financial Protection Bureau considering repeal of payday lending rule

What could go wrong here???-OEN

NEW YORK — The Consumer Financial Protection Bureau has decided to reconsider a key set of rules enacted last year that would have protected consumers against harmful payday lenders.

The bureau, which came under control of the Trump administration late last year, said in a statement Tuesday that it plans to take a second look at the payday lending rules. While the bureau did not submit a proposal to repeal the rules outright, the statement opens the door for the bureau to start the process of revising or even repealing the regulations. The bureau also said it would grant waivers to companies as the first sets of regulations going into effect later this year.

The cornerstone of the rules enacted last year would have been that lenders must determine, before giving a loan, whether a borrower can afford to repay it in full with interest within 30 days. The rules would have also capped the number of loans a person could take out in a certain period of time.

If allowed to go into effect, the rule would have had a substantial negative impact on the payday lending industry, where annual interest rates on loans can exceed 300 percent.

Want to read more? Please click…


Thought Police for the 21st Century

DETROIT—The abolition of net neutrality and the use of algorithms by Facebook, Google, YouTube and Twitter to divert readers and viewers from progressive, left-wing and anti-war sites, along with demonizing as foreign agents the journalists who expose the crimes of corporate capitalism and imperialism, have given the corporate state the power to destroy freedom of speech. Any state that accrues this kind of power will use it. And for that reason I traveled last week to Detroit to join David North, the chairperson of the international editorial board of the World Socialist Web Site, in a live-stream event calling for the formation of a broad front to block an escalating censorship while we still have a voice.

Want to read more? Please click…


Voucher Schools Are Teaching Kids What Can Only Be Described as Right-Wing Propaganda

The number of private schools that get taxpayer funds via school vouchers or tax credit scholarships is rising rapidly, but few states keep tabs on what these schools are actually teaching. In a recent investigation for Huffington Post, education reporter Rebecca Klein shone a light on three popular textbooks used by private religious schools. While she found materials touting creationism over evolution, or teaching that homosexuality is a sin, Klein also encountered right-wing propaganda embedded throughout these K-12 curricula.

In the latest episode of the Have You Heard podcast, AlterNet education contributor Jennifer Berkshire and co-host Jack Schneider talk to Klein about the extreme ideological teachings on offer at private religious schools, now being funded by public tax money.


Want to read more? Please click…


What Spielberg’s The Post — and Our Textbooks — Leave Out


As I came out of the theater this week after watching Steven Spielberg’s The Post, I overheard a 60-something man — like me — say to his companions: “Young people today know nothing of this history.” My first reaction was that this was another kid-bashing comment that we hear so often. But then I realized: He’s right.

And why should they? Their textbooks hide pretty much everything that is important in the world — from the roots of American racism, to the war against Mexico; and from the causes and consequences of climate change, to, yes, the nature of the Vietnam War.

Want to read more? Please click…


Republican Rigging Part 24: Six Million U.S. Citizens Are Prohibited from Registering to Vote

Written by Robert Warden

Thank you to my friend Bruce Kunkel, as well as Robert Reich, for pointing out this issue recently.

You are probably aware of the fact that incarcerated people are not allowed to vote in the United States. That may seem reasonable too, at least on the surface. However, the voting restrictions go far beyond disallowing violent criminals, for instance, from voting. In fact, many nations do allow incarcerated people to vote. Whether one agrees with that or not, it has not appeared to have decremented the political systems in these nations. In contrast, the systematic imprisoning of large numbers of minority persons, then not allowing them to vote — in many cases even after being released from prison — represents another huge brick in the wall that conservatives have built to help insulate themselves from progressives. Read more

« Older Entries