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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHigh Court Asks Administration to Weigh in on Predatory Lending Case
A SUPREME COURT order this week forces the Obama administration to make a decision: either save consumers tens of billions of dollars at the expense of debt collectors, car loan specialists, and student lenders, or defend those financial entities.
In a one-line order, the justices on Monday asked Solicitor General Donald Verrilli, the legal representative for the federal government in Supreme Court matters, to file a brief in the case of Madden v. Midland Funding, expressing the views of the United States.
In Madden, a class-action case, borrowers argued that loans sold by a bank to a debt collector should be subject to the usury law in New York state, which limits the interest rate that can be charged. The 2nd Circuit Court of Appeals agreed, and Midland Funding appealed to the Supreme Court. Legal experts are following the case closely, since it could, after nearly 40 years, herald a return to prominence for state-based usury laws, a key safeguard against predatory lending.
https://theintercept.com/2016/03/24/high-court-asks-administration-to-weigh-in-on-predatory-lending-case/
rhett o rick
(55,981 posts)issue Clinton and DINO Debbie stand, the corporate side.
monicaangela
(1,508 posts)If President Obama elects to go with the corporations over the people, it will be bad for his legacy. Even knowing that, I really am not sure which way he will go. I sure hope he doesn't let the people down and elect to go with the plutocrats.
LiberalArkie
(15,705 posts)monicaangela
(1,508 posts)with TPP and such, I'm afraid to take a guess.
CharlotteVale
(2,717 posts)monicaangela
(1,508 posts)They shouldn't even have to ask. And, the response should have been immediate. I'm thinking why would anybody need to even think about this, especially the administration. The question seems to be, are you for allowing predatory lending or not. The answer should be a resounding NO. IMHO of course.
annabanana
(52,791 posts)We should push for a response.