QUESTION?

Use the form on this page to contact us.

We respect your privacy and will not share your information with third parties. You may call us at (516) 522-0677 if you would prefer to communicate over the phone, or to schedule a free confidential in-person consultation.

Name *
Name
Phone
Phone

405 RXR Plaza
Uniondale, NY 11553

(516) 522-0677

publications-5.jpg

Consumer Protection Publications

CFPB Proposes New Rules For Payday Loans

Charles Pascal Cohen

Pay day is not as sweet when the thought of paying many times what you borrowed looms over your head.

Last week, the Bureau of Consumer Financial Protection (CFPB), wielding its rulemaking power, set in motion a plan to regulate payday loans.[1]

Concerned with the payday industry’s repeat short-term lending, penalty fees, and high default rates, the CFPB has proposed a new rule for the $38.5 billion industry that “would require lenders to determine whether borrowers can afford to pay back their loans. The proposed rule would also cut off repeated debit attempts that rack up fees and make it harder for consumers to get out of debt.”[2] The proposed rule addresses the fundamental drawback of loan rollovers trapping borrowers in a cycle of debt.

Read More

No Laughing Matter: The Inconvenience of Inaccurate Credit Reports

Charles Pascal Cohen

In April, comedian John Oliver shed light on the credit reporting industry’s hypocrisy and the dangerous ways credit reporting agencies (like Equifax, Experian and Transunion) control society and separate consumers from their goals. Oliver’s segment is a bit colorful but it is an interesting way to learn a little more about your very impactful credit report and the credit reporting industry.

Read More

New York City Employers May Not Use Consumer Credit History In Making Employment decisions

Charles Pascal Cohen

People seeking employment in New York City have one less hurdle to overcome. With the recent amendment to the New York City Human Rights Law, the Stop Credit Discrimination in Employment Act (“SCDEA” or the "Act"), the vast majority of employers (with 4 or more employees) will no longer be allowed to make hiring decisions based on job seekers' consumer credit history. The City recognizes that using "credit history when making employment decisions is a practice that has a disproportionately negative effect on unemployed people, low income communities, communities of color, women, domestic violence survivors, families with children, divorced individuals, and those with student loans and/or medical bills." Additionally, the City noted that "multiple studies have failed to demonstrate any correlation between individuals’ credit history and their job performance."

Read More