Time-Barred Debts
December 23, 2010 by Marcy Einhorn, Esq.
New Mexico has a new rule requiring debt collectors to get clarity on whether the debts they are collecting are time-barred by the statute of limitations.
FYI: New York does not have such a rule, and collectors are free to try and collect any debt they get their hands on.
Read about enforcement of this new rule in New Mexico by the Attorney General here: http://www.creditslips.org/creditslips/2010/12/new-rule-requires-that-colelctors-disclose-that-a-debt-is-time-barred.html
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Our Rights, Our Future: NCRCR Interview Series: AT&T Mobility v. Concepción
December 22, 2010 by Marcy Einhorn, Esq.
Our Rights, Our Future: NCRCR Interview Series: AT&T Mobility v. Concepción. Send article as PDF Read More →
Got Another Bank Privacy Statement
December 22, 2010 by Marcy Einhorn, Esq.
A big bank I used to have an account with sent me their privacy statement this month, which makes me wonder, exactly what will they be using my information for, now that I no longer bank with them?
In the spirit of transparency, here’s what their statement says:
I have “choices” about how my personal information may be shared by the bank. To exercise these choices, I can call the 877 number listed on page 6 of the 8 page brochure I received in the mail, or I can fill in the form...
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New Consumer Agency to Insist on Clarity
December 17, 2010 by Marcy Einhorn, Esq.
According to the Washington Post, the new Consumer Financial Protection Bureau will first focus on clearer and simpler disclosures to consumers, rather than attempting to regulate products and services to be offered by banks and credit card companies.
The Post reports that Elizabeth Warren, at the Treasury Department to set up the agency, wants to focus on helping consumers understand how much they are paying for debt. Warren would like to see better and shorter credit disclosures. Timing on...
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My Bank’s Disclosures
December 15, 2010 by Marcy Einhorn, Esq.
I always find the privacy notices from banks incredibly tedious to wade through. I just received one from my bank, and thought it would be helpful to me, and my readers, to break down the notice into human language. Here goes:
My bank collects my personal inforamtion when I open an account, apply for a loan, use my plastic, deposit or withdraw, or give my contact information. They also collect information from third-parties, such as credit bureaus.
According to my bank, Federal law only gives...
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Peer to Peer Lending?
December 9, 2010 by Marcy Einhorn, Esq.
Known as peer to peer lending, but these investors are certainly not my peers, angel investors are putting money into companies that lend to small borrowers outside of the traditional banking system and reaping about 9.6% annually, pretax, on these loans.
Forbes reports that companies like the Lending Club are filling a gap created by “tightfisted bankers.” They categorize borrowers into 35 levels, based on credit history and other information. Borrowers must have a 660 FICO score,...
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Student Borrowing on the Uptick
December 7, 2010 by Marcy Einhorn, Esq.
In 2008, B.A. graduates borrowed 50 more than students did in 1996, according to a study by the PEW Charitable Trust. Associate degree candidates borrowed more than twice as much as students for the same degree in 1996. PEW reports these other statistics: In 2008 60% of all graduates had borrowed, compared with about half (52%) in 1996. In 2008 the average loan was $23,000, compared with slightly more than $17,000 in 1996.
Attendance at private for-profit colleges is also up, and students at...
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Elizabeth Warren’s Calendar
December 3, 2010 by Marcy Einhorn, Esq.
A recent article in the Huffington Post reports on Elizabeth Warren’s response to FIA requests for information about who she’s met with, in setting up the new CFPB, showing that she’s been meeting with key players on all sides of the issues to be regulated, and putting a sock in criticism from Republicans that Warren intends to unravel the banking system.
Shahien Narisipour, HuffPost, reports:
Warren serves as an assistant to Obama and a special adviser to Treasury Secretary Timothy...
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Kudos to Brooklyn Judge
December 2, 2010 by Marcy Einhorn, Esq.
A judge in Brooklyn has his own rules for dealing with abusive debt collectors who appear before him in the Consumer Credit Part of the Civil Court. According to a report in the ABA Journal, Judge Noach Dear “forbids lawyers to speak with or otherwise try to negotiate with debtors outside the room. The judge also demands that lawyers show up with witnesses and sufficient evidence—testimony and affidavits aren’t enough—or their cases are dismissed with prejudice.”
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