Scammed

In a case described as a “jungle novelist Tom Clancy would have been proud of,” a California appeals court set aside a default judgment against a small TV network whose assets were used as collateral for a loan taken out by a large shareholder and his friend — a former congressman — in order to invest in an overseas business opportunity in Ghana, which turned out to be a scam.

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Small Business Grants

Thirty-two small businesses lost their bid for a preliminary injunction to void the Small Business Administration’s “per employee rule” which dictates that small businesses can receive Economic Injury Disaster Loan grants of $1,000 per employee up to $10,000 or $1,000 if they have no employees. The plaintiffs claim they are each due $10,000.

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Financial Reporting Exemptions

The Consumer Financial Protection Bureau raised the thresholds at which financial institutions are required to report mortgage loans under the Home Mortgage Disclosure Act, so that “thousands of lending institutions will become exempt from reporting HMDA data, undermining the effectiveness of HMDA in achieving its statutory purposes,” the National Community Reinvestment Coalition claims in a federal complaint.

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States Sue Trump Administration Over New Payday-Lending Rule

Seeking to stop the cycle of unsophisticated borrowers getting trapped in a recurring cycle of debt, multiple states have imposed regulations on payday lenders in recent years – regulations that will no longer apply to some lenders under a new Trump administration rule.

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