The American Enterprise Institute on Jan. 18 announced the selection of Robert Doar as the organization’s new president. Doar, whom WORLD Magazine profiled in 2013, is the Morgridge Fellow in Poverty Studies at AEI and previously served as New York City’s commissioner of the Human Resources Administration. He also was co-chairman of the National Commission on Hunger and a member of the AEI-Brookings Working Group on Poverty and Opportunity. He will assume the role of president on July 1. —C.C.
California Check Cashing Stores must refund consumers nearly $800,000 to settle claims of predatory lending practices, state officials said Monday. The company was accused of pushing borrowers into high-interest loans and engaging in other illegal schemes.
State examiners said they found that, from 2012 to 2017, the payday lender overcharged customers interest and fees by steering them into bigger loans. State law caps interest rates at between 20 and 30 percent for loans less than $2,500, but anything above that does not have a cap. Advertisements claimed the company made loans of “up to $5,000,” but it had a minimum loan amount of $2,501.
The lender also agreed to pay $105,000 in penalties and other costs in a consent order with the state’s Department of Business Oversight.
In an ongoing effort to fight abusive, high-interest loans, the state agency has charged four other companies—Advance America, Check Into Cash, Quick Cash Funding, and Speedy Cash—with various illegal efforts to push loans above the $2,500 threshold. —Alyssa Jackson