7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The future looks grim for payday lenders. Comedian John Oliver has had them in his crosshairs since 2014, attracting millions of viewers and stirring up plenty of outrage. President Obama began expressing concerns about their exploitative lending practices last spring. Google announced last month that it would no longer allow payday lenders to advertise. And now federal watchdogs have unveiled new rules that would dismantle a business model that often traps borrowers desperate for cash in cycles of spiraling debt.“The very economics of the payday lending business model depend on a substantial percentage of borrowers being unable to repay the loan and borrowing again and again at high interest rates,” Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), told the New York Times.Payday lenders say the risks associated with serving subprime borrowers justify their practices (20% of payday loans result in re-borrowing and default). But regulators aren’t buying that argument and an increasing number of financial technology startups are reinventing the lending business with a model that promises to help borrowers and build their credit at the same time.“I applaud what the CFPB is doing,” says Joe Bayen, cofounder and CEO of a fintech startup called Lenny, which offers young borrowers credit lines up to $1,000 and a chance to improve their credit scores through a partnership with FICO. “We offer increasing balances based on how a user behaves. Everything is aimed at upward mobility and helping people.” continue reading »
Witnesses said the 4-year-old tried to grab a toy and that’s when the dog turned on the little girl.“She got chewed up pretty bad — cheek, back of the head, her ear, inner thigh,” said Mike Gonzalez, who also lives nearby.Animal Services did not remove the dog Monday night, but officials said the owner planned to surrender the canine Tuesday. The dog, named Troy, is a male terrier mix.The young girl was taken to Kendall Regional Hospital. Police did not release the child’s identity. A 4-year-old girl underwent emergency surgery Monday after she was attacked by a dog in Southwest Miami-Dade.The child was airlifted to the hospital in critical condition after the incident happened on Southwest 161st Street and 154th Court, officials said. The family’s pet attacked the young girl inside the home.David Fernandez, who lives next door, said he heard screaming before he saw the girl with bloody wounds to her face and leg.