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 »
The Broward Sheriff’s Office detectives are on the lookout for a suspect who they say fired a gun at a detective while they were in the middle of an ongoing drug investigation.Police say the suspect, 26-year-old Marques Mathis, fired a gun at a detective Tuesday night in Pompano Beach, and is wanted for first-degree attempted murder of a law enforcement with afirearm.Investigators say Mathis fired the gun when he noticed one of the detectives, and missed. The bullet struck a wall near where the detective was standing, and Mathis fled the scene.The firearm was found at the scene, and no one was hurt.Anyone with information on Mathis’ whereabouts is urged to contact Broward County Crime Stoppers at 954-493-TIPS.
AMERICAN decathlete Ashton Eaton, who won gold at London 2012 and Rio 2016, has retired from athletics.Two-time Olympic decathlon gold medallist Ashton Eaton has announced his retirement from competitive action with immediate effect.Eaton defended his Olympic title in Rio last year, breaking his own world record in the process, having first claimed decathlon gold at London 2012.The 30-year-old was also prolific at the World Championships, bursting onto the international scene in 2011 when he won silver behind United States teammate Trey Hardee.Eaton beat Hardee by 198 points in the London Games, before going on to seal back-to-back World titles in Moscow and Beijing.With a glittering career behind him Eaton has opted to step away from athletics, saying: “Frankly there isn’t much more I want to do in sport.“I gave the most physically robust years of my life to the discovery and pursuit of my limits in this domain. Did I reach them? Truthfully, I’m not sure anyone really does.“It seems like we tend to run out of time or will before we run out of potential. That makes humanity limitless then, as far as I’m concerned. And I think that’s inspiring.”His wife Brianne Theisen-Eaton also announced her retirement and steps away from a career in the heptathlon, having claimed bronze in Rio, adding to silver medals in the Moscow and Beijing World Championships.“Crossing the 800m finish line in Rio I didn’t have this feeling,” she said.“I was mentally exhausted. I have never been so thankful to be finished something in my life. I felt like I never wanted to do another heptathlon again.“I gave the last 4 years everything I could. I put my life on hold. Track and field was the priority before everything else: my family, my friends, my marriage, my future. This is something I chose to do and I don’t regret it for a second. It made me happy to pursue something I was so passionate about.“I no longer have the passion for track and field or the heptathlon that I used to, because I know I can’t advance any further in the sport. I’ve given it all I can and I refuse to come back and half-ace it because I love and respect this event and sport too much.” (Sportsmax)