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Some quick links to start your Friday.
NEWS
- More people are using trying to raise money to pay off their defaulted student loans using crowdfunding sites like GoFundMe, according to a published report. Unfortunately, the pleas for money are not being heard, although people who are trying to raise money for graduation funds are doing better. There were nearly 7,000 hardship requests on GoFundMe from people who need to raise money to repay their student loans.
- A California man, of Sharkies Collections, has been arrested and charged with extortion. He was allegedly extorting money from a local businessman. The reasons for the extortion were not published.
- The chairman and two Republican commissioners from the Federal Communications Commission have weighed in on the government’s decision to allow the use of automated dialers in collecting federally guaranteed student loans. The FCC’s chairman, a Democrat, said that the agency will “follow the law,” while Ajit Pai, one of two Republican commissioners said that the law shows the “folly” of the federal government. The other Republican commissioner, Michael O’Rielly, said that any exemption from the law “is a step in the right direction.”
- The state of Hawaii is looking to use a collection agency to help collect more than $3 million in unpaid fines for overdue library books.
- A published report details the cozy ties between the CFPB and a consumer advocacy group called the Center For Responsible Lending. The CRL, which also operates a credit union in North Carolina, was asked to weigh in the proposed payday lending rule while at the same time asking the CFPB for reviews of its own short-term loan, considered to be a payday lending alternative.
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