Link roundup: This week’s top 6 subprime stories
Inside Subprime: September 1, 2017
By Caroline Thompson
Happy Friday! Here are all of this week’s biggest subprime stories.
Millennial are less credit worthy than Gen Xers were in 2001.
According to a study by TransUnion, 43 percent of millennials had subprime credit in 2015, which was the year the youngest of the generation turned 21. In comparison, in 2001, the year when the youngest Gen Xers turned 21, just 35 percent of that demographic had subprime credit.
Read more at:
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Why have so few students pursued public student loan forgiveness?
While the 10-year-old program has its issues, it’s a viable option for those looking to go into the public sector. Read more at US News & World Report.
Republicans work to repeal rule that allows consumers to sue banks.
The Consumer Financial Protection Bureau issued a rule back in July to prohibit companies from burying arbitration clauses, which prevent customers from banding together to file a class action lawsuit, deep in the fine print of their contracts. But Republican lawmakers are actively working to repeal this rule, saying it is actually bad for consumers. Read more at:
Future of the 1977 Community Reinvestment Act in peril.
The Community Reinvestment Act, which has helped thousands of low-income families become homeowners, may not have much of a future in the current political climate. Read more at The WS Chronicle.
Former Charlotte School of Law students recount the school’s predatory admissions practices.
The now-shuttered Charlotte School of Law is under fire once again as former students speak out against the school’s ruthless enrollment tactics. Read more at WSOCTV.com.
If anti-consumer bank law is passed, more Wells Fargo-type scandals are imminent.
The ironically-named Financial Choice Act of 2017 could strip away many important consumer-banking protections. Read more at The Chicago Tribune.
Want the lowdown on all Wells Fargo’s many scandals? Check out the Inside Subprime official timeline of Wells Fargo woe, updated regularly.