We at CFIF have consistently highlighted the peril of federal, state and local government efforts targeting…
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New Study Shows How Overregulating Short-Term Lenders Harms Consumers

We at CFIF have consistently highlighted the peril of federal, state and local government efforts targeting the short-term consumer lending sector.

Less than two years ago, we specifically sounded the alarm on a New Mexico law artificially restricting interest rates on short-term consumer loans.

Well, a new study entitled "A New Mexico Consumer Survey:  Understanding the Impact of the 2023 Rate Cap on Consumers" that surveyed actual borrowers confirms our earlier warnings:

Key findings include:

•Short-term,small-dollar loans help borrowers manage their financial situations, irrespective of the borrower’s income.

•The rate cap has failed to improve the financial wellbeing of New Mexicans, specifically those who had previously relied on short-term, small-dollar loans.

•…[more]

November 27, 2023 • 03:57 PM

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Home Jester's Courtroom Flying in the Face of Common Sense
Flying in the Face of Common Sense Print
Wednesday, October 15 2014

Red Bull energy drink company recently agreed to a settlement in a class action lawsuit accusing the beverage maker of false advertising because its slogan "Red Bull Gives You Wings" is inaccurate.

According to news reports, Red Bull agreed to pay consumers to settle the lawsuit filed in 2013 in the U.S. District Court of the Southern District of New York by Red Bull drinker Benjamin Careathers. In the class-action suit, Careathers alleged the energy drink did not meet the company's claim of boosting performance and reaction speed.

“Such deceptive conduct and practices mean that [Red Bull’s] advertising and marketing is not just ‘puffery,’ but is instead deceptive and fraudulent and is therefore actionable,” the suit says.

If the $13 million settlement is approved at a final hearing next spring, anyone who purchased at least one can of Red Bull between January 1, 2002, and October 3, 2014, will be eligible to receive either $10 cash or $15 worth of Red Bull products; no proof of purchase will be required.

"Red Bull denies any and all wrongdoing or liability and maintains that its marketing and labeling have always been entirely truthful and accurate," legal documents state.

Source:  Huffingtonpost.com

Notable Quote   
 
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