Student debt statistics, the CFPB's arbitration rule and the mounting ADA lawsuits against credit unions were at the center of reader debate on cutimes.com this past week. Here's what they had to say.
"Black Americans Twice as Likely as Whites to Default on Student Debt," Oct. 20
Is there a direct link to the data? Correlation is not causation, and it would be helpful to make sure that the conclusion this article came to is not the result of other factors. Did they adjust their results based off household income, household education level, financial aid granted, credit score before loans came out of deferment, etc.? I could imagine many other correlating factors other than race/ethnicity that could disrupt the data.
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I'm not doubting Shahien Nasiripour's ability to write objectively, but it would be good to know that they've taken proper data analytics techniques in analyzing data before publishing a sensational article like this.
Michael Crutchfield
"Credit Union Leaders Praise Senate Vote to Kill CFPB Arbitration Rule," Oct. 25
I'm confused, I guess. If CUs are the good guys and don't require regulation that keeps them from forcing arbitration on their members because they act "differently," what am I to make of the 3.3% who force arbitration in CC contracts and the 8.2% that do it with checking account contracts? Do the leaders at CUNA and NAFCU think these CUs are "bad guys?" Or do they think forced arbitration is not a sign of "good or bad" behavior? Or is forced arbitration not the issue? Do they think member-owned organizations are immune from bad behavior? Do they think managers representing member-owned organizations are immune from bad behavior? Do they think individual members of membership organizations should have no individual right to fight back when the broader organization does them wrong? And do their positions on this topic represent the best interests of credit union members, or are they representing others? I guess I'm curious as to how much real thought went into the positions taken by CUNA and NAFCU.
Gregory Crandell
"Mitigate Risks as ADA Suits Mount," Oct. 27
Great outline of the issues in this area. A couple of notes. The DOJ has put its rulemaking on hold indefinitely, so there won't be regulations in the foreseeable future (that is, during this administration). Also, most of the lawsuits being filed are strike suits that have no relationship to real accessibility. Making your website WCAG 2.0 Level AA compliant is a good defense, but won't prevent a lawsuit or legal defense costs. Finally, there are less expensive incremental steps that substantially increase accessibility without a full analysis and re-design of your website. Taking those steps immediately is a service to customers and preparation for the defense of a lawsuit.
Richard Hunt
Accessibility Defense
Dallas
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