Don’t know about you, but for some reason I have a sinking feeling when it comes to the idea of Larry Summers. Word on the CNBC street is that he’s about to be named new Fed Chair, and I am living in a state of cognitive dissonance.
To distract myself, I’m going to try better to explain what I started to explain here, when I talked about the online peer-to-peer lending company Lending Club. Summers sits on the board of Lending Club, and from my perspective it’s a logical continuation of his career of deregulation and/or bypassing of vital regulation to enrich himself.
In this case, it’s a vehicle for bypassing the FTC’s Equal Credit Opportunities Rights. It’s not perfect, but it “prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because you get public assistance.” It forces credit scores to be relatively behavior based, like you see here. Let me contrast that to Lending Club.
http://mathbabe.org/2013/08/29/summers-lending-club-makes-money-by-bypassing-the-equal-credit-opportunity-act/
To distract myself, I’m going to try better to explain what I started to explain here, when I talked about the online peer-to-peer lending company Lending Club. Summers sits on the board of Lending Club, and from my perspective it’s a logical continuation of his career of deregulation and/or bypassing of vital regulation to enrich himself.
In this case, it’s a vehicle for bypassing the FTC’s Equal Credit Opportunities Rights. It’s not perfect, but it “prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because you get public assistance.” It forces credit scores to be relatively behavior based, like you see here. Let me contrast that to Lending Club.
http://mathbabe.org/2013/08/29/summers-lending-club-makes-money-by-bypassing-the-equal-credit-opportunity-act/
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