The Southwest Public Policy Institute (SPPI) has filed a formal complaint with the Consumer Financial Protection Bureau (CFPB) regarding the loan-sharking lending practices of former State Representative Tara Jaramillo and her company, Positive Outcomes, Inc. The action follows years of inaction by New Mexico Attorney General Raúl Torrez and other state agencies, despite overwhelming evidence […]
When Wells Fargo first rolled out its Flex Loan program, it was heralded by advocates like The Pew Charitable Trusts as evidence that America’s largest banks were finally offering an “affordable” alternative to short-term credit products. Bankrate’s own review of the Flex Loan paints a favorable picture, touting fast approval, lower fees than payday loans, […]
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For exceptional achievement in ignoring market realities and promoting policies that backfire spectacularly.
Tara Jaramillo’s payday lending scheme didn’t happen despite New Mexico’s interest rate cap: it happened because of it, with a little help from Fred Nathan and the price-fixing crusaders at Think New Mexico.
