Link roundup: The 6 biggest subprime stories from the week
Inside Subprime: September 22, 2017
By Caroline Thompson
Good morning! Here are the top six subprime stories you might have missed this week.
Equifax CIO and CSO retire (effective immediately).
The chief information officer and chief security officer of embattled credit bureau Equifax have announced they are retiring after a hack earlier this summer allowed the personal information of more than 143 million Americans to be compromised. Read more at CNN Money.
For more information on the Equifax hack, check out these related articles:
- Equifax support team links hack victims to phishing site
- Massive Equifax hack leaves millions of Americans at risk for identity theft
- The Equifax Hack: What You Should Do Now
This new app could help students, grads and parents pay down debt.
Momentum, a new app from Fifth Third Bank, aims to make paying off student loans easier and less stressful. The app allows you to round up debit card purchases you make with a Fifth Third debit card, and put those extra coins towards your loans. “It takes 20 years to pay off a student loan and with this program, just by using your debit card, we estimate you can pay off your student loan three to four years early and save maybe 8% of your loan debt,” said Regional President of Fifth Third Bank, Bob LaClair. Read more at CBS Toledo.
Want to discover more cool financial apps? Check out our app directory!
Texas payday lender can’t force arbitration on former customers, judge rules.
Texas payday lender Cash Biz LP has been barred from forcing former borrowers into dropping a class-action lawsuit in favor of arbitration. The short-term lender initially filed criminal charges against borrowers for using bad checks, but those borrowers banded together, filing a class action lawsuit against Cash Biz for malicious prosecution. Now a judge has ruled that, by filing their initial lawsuit, the lender voided the arbitration clause in their contract. Read more at Law 360.
Credit card fees are going through the roof.
Banks take a percentage of every purchase you make with their credit cards. Author Greg Ferrara wants that to change. Read more at the Washington Examiner.
Predatory are lenders preying on former NFL players with concussion lawsuit settlements.
The NFL has been ordered to pay around $1 billion to former players who ended up with head trauma due to their time in the league. As that money slowly gets dispersed, several players waiting for their cash have been conned into taking out high-interest loans from predatory lenders. Read more at Deadspin.
What can the Wells Fargo scandal teach us about the Equifax hack?
Essentially, writes Taylor Tepper, we’re all on our own when it comes to protecting ourselves against huge corporations. Read more at Bankrate.
To learn more about Wells Fargo’s missteps, check out our updated scandal timeline.