It’s been the summer of the pop star—with nonstop news of Taylor Swift and Beyonce selling out stadium after stadium. Don’t let it “break your soul” as you’re “shaking off” summer and sending the kids back to school. We hope at least some of them will be joining the diving team and practicing the triple lindy in a nod to the late, great Rodney Dangerfield and the 80s classic Back to School.
In the meantime, you can continue to expect blurbs relevant to payments, crypto, fintech, cards, and more, with our quick analysis (aka Akerman’s Take) on why that news matters to you.
A…B…R? Always Be Refinancing: CFPB Sues Installment Lender for Steering Customers to Refinance
The CFPB filed a three-count UDAAP action against a non-bank installment lender alleging it essentially forced customers to refinance past due loans. According to the complaint, Heights Finance Holding Co. made most of its profit from borrowers who refinanced their loans rather than paying them off. The complaint’s extensive statement of facts cites internal emails, training materials, and compensation policies focused on encouraging refinancing. For example, one directive stated, “When…
