| Volume 142 Number 39 |
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The People’s Lawyer’s Tip of the Day
Starting in September, the nationwide credit reporting agencies – Equifax, Experian, and TransUnion – must provide free electronic credit monitoring services to active duty servicemembers serving away from their usual duty station and to National Guard members. Click here for more.
U.S. Treasury says financial literacy courses should be mandatory for college students
For many young college students, managing money is still a foreign concept. Bright-eyed and naive students often take advantage of those “free” credit cards being hawked on campus, and the less responsible ones can use those funds for less “necessary” expenses. This can all come to a head after graduation when bills start showing up in the mailbox, as some loans can take decades to pay if not managed responsibly. Click here for more.
Your Money
If your ability to use a credit card gets abruptly shut down by your credit card company, there are several possible reasons why. Sometimes the problem can be solved with just a phone call to the issuer, while other situations – such as delinquency with your monthly payments – might result in permanent closure. The next steps you take are crucial. Contact the company to find out what happened, and if needed, develop a plan to regain the full power of your credit card. Click here for more.
For the Lawyers
Payday lender cannot force arbitration. A San Diego federal judge ruled that a national payday lender can't compel arbitration of a proposed class action accusing it of gouging California borrowers with high-cost loans. The court found that a 2017 ruling by the state's highest court sinks the arbitration provision that the lender sought to enforce. U.S. District Judge Gonzalo P. Curiel said the arbitration provision cited by the Kansas-based Speedy Cash included language prohibiting the California borrowers behind the lawsuit from pursuing claims for public injunctive relief in any setting. This type of waiver was deemed unenforceable by the California Supreme Court in 2017. The judge also found that this public injunctive relief language was not only itself invalid but also fatal to the rest of the arbitration provision, thanks to a "poison pill" clause linked to the language's continued survival. Delisle et al. v. Speedy Cash, case number 3:18-cv-02042, in the U.S. District Court for the Southern District of California. Click here for more.