Joel Jacobs
@jmdjacobs
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Data reporter, @propublica. Past: @PittsburghPG, @washingtonpost, @MedillSchool. Former software engineer.
New York, NY
Joined April 2016
NEW from me: The CFPB's consumer complaint system is more popular than ever, fielding >2.7M complaints last year. But Republican lawmakers still voted to gut the CFPB's budget, even after referring thousands of their own constituents' issues to the agency.
propublica.org
Many of the same Republican lawmakers who have targeted the Consumer Financial Protection Bureau for cuts have collectively directed thousands of constituents’ complaints about banks, credit cards,...
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RT @JakePearsonProP: FOR IT BEFORE THEY WERE AGAINST IT: @jmdjacobs used FOIA to find GOP reps who voted to defund the CFPB earlier this ye….
propublica.org
Many of the same Republican lawmakers who have targeted the Consumer Financial Protection Bureau for cuts have collectively directed thousands of constituents’ complaints about banks, credit cards,...
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RT @MegsNewz: Rep. Darrell Issa of Calif. & Rep. Rob Wittman of Virginia voted to reduce the CFPB’s budget.Yet each has referred more than….
propublica.org
Many of the same Republican lawmakers who have targeted the Consumer Financial Protection Bureau for cuts have collectively directed thousands of constituents’ complaints about banks, credit cards,...
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RT @norris_report: 1 yr ago, I assumed most homeless families in upstate NY were placed in shelters, where they could get beds, food and he….
propublica.org
Statewide spending on hotels has more than tripled in recent years. The shift away from shelters has prevented families from accessing services like child care and help finding housing.
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RT @charlesornstein: NEW: These 5 Charts Show How Hotels Became New York’s Response to Homelessness @norris_report….
propublica.org
Social services agencies across the state now place nearly half of all individuals and families seeking shelter in hotels, leaving people without resources like food and help finding housing.
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RT @JakePearsonProP: BREAKING: The enforcement chief at America’s consumer watchdog is quitting, @ProPublica has learned. Cara Petersen wri….
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RT @MegsNewz: Lawsuits allege that Dr. Phil’s son, Jay McGraw, profits from Minto Money, a tribal lender that offers payday-like loans onli….
propublica.org
Tribal lender Minto Money has boosted the economy of its Alaska town. But some tribal members are appalled by the millions it’s made off desperate borrowers — much of which, lawsuits allege, has gone...
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RT @BrettMmurphy: NEW: Explosive memos circulating inside USAID detail how Trump appointees ignored and thwarted the agency's senior leader….
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RT @emilymbadger: On the "wall of receipts" it published yesterday, DOGE claimed $8 billion of savings on one contract. It was actually a….
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RT @BrettMmurphy: NEW: How did the Trump administration disembowel USAID in less than three weeks? The first step was seizing control of th….
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RT @MegsNewz: Online lenders tied to Native American tribes offer consumers quick cash at exorbitant rates. Tribes argue they aren’t subjec….
propublica.org
Online lenders tied to Native American tribes argue that they aren’t subject to state lending laws, but they backed away from operating in six states where attorneys have acted forcefully to protect...
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For more, see our full tribal lending series: Or check out my thread on our previous reporting 👇.
ICYMI: Last week @MegsNewz and I reported on how the tribal lending industry has survived and thrived offering exorbitant online loans to millions of borrowers — with APRs that can exceed 600%. We’ve been investigating this opaque industry for months: 🧵.
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NEW from me and @MegsNewz — tribal lenders offering 600%+ APR loans online argue that sovereign immunity allows them to skirt state lending laws, but we found that they largely backed away from six states where attorneys have acted forcefully to protect consumers. (link below)
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10/ Despite lawsuits, prosecutions and federal crackdown attempts, the industry has persisted with help from powerful lobbying groups that have spent millions. “This is a very entrenched industry with a lot of dollars at stake,” said UNM law professor Nathalie Martin.
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9/ In a statement to ProPublica last year, John Johnson Sr., LDF’s president, described the tribe’s lending business as “a narrative of empowerment, ethical business practice, and commitment to community enrichment.”.
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8/ The tribe has since faced state legal action – in November, it agreed to stop lending in Minnesota and forgive debt to MN residents as part of an agreement with the state’s AG:
propublica.org
The Lac du Flambeau tribe of Wisconsin settled a civil suit filed by Minnesota’s attorney general that alleged its triple-digit interest rates violated state caps. The tribe is under increasing legal...
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7/ In the Supreme Court case, a borrower with a 741% loan from LDF said that the incessant collection efforts by an LDF business partner — even after he declared bankruptcy — drove him to attempt suicide. The business partner declined to comment.
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6/ We found that the enterprise helped the Lac du Flambeau tribe avoid financial ruin, but it also led to costly lawsuits — including one that reached the Supreme Court — and dubious partnerships with outside entities handling much of the daily operations:
propublica.org
Facing financial ruin, the Lac du Flambeau tribe began offering short-term loans online with annual rates often over 600%. But as the tribe rose in an industry derided for predatory practices, it put...
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