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Home/Credit & Lending/PREDATORY LENDING CRACKDOWN · SEC ESG ENFORCEMENT

Legal advice reduces $7 million penalty for predatory payday loan scheme

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Iris Prescott

predatory lending crackdown · Apr 17, 2026

Legal advice reduces $7 million penalty for predatory payday loan scheme

Source: DojiDoji Data Terminal

Consumers were denied protections under the Credit Act and Credit Code, including limits on fees and charges, through a payday lending scheme that generated more than $90 million in fees between July 2022 and May 2024. The Federal Court has ordered Cigno Australia and BSF Solutions to pay $3 million each, and their directors, Mark Swanepoel and Brenton Harrison, to pay $500,000 each.

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mortgage rates

Mortgage Rates Drop to 6.3%, but Uncertainty Over Iran Conflict Limits Spring Housing Market Recovery

The average 30-year fixed-rate mortgage in the U.S. fell to 6.3% this week, the lowest level since March 19, when it was 6.22%. The decline follows a two-week ceasefire in the war with Iran, which initially pushed the 10-year Treasury yield to 4.29% from 4.34%. The 10-year Treasury yield is a key benchmark for mortgage pricing and had risen to 4.29% in midday trading. The war with Iran caused energy prices to surge, raising inflation concerns and pushing mortgage rates up from 5.85% in late February to a peak of 6.37%. The U.S. housing market remains in a slump, with previously owned home sales at a 30-year low and no clear recovery in sight. Consumer confidence in the job market has weakened, compounding the effect of high borrowing costs on the spring homebuying season. Economists expect mortgage rates to remain volatile due to ongoing uncertainty about the war's resolution.

These penalties follow findings that the companies used a "No Upfront Charge Loan Model" to provide credit without an Australian Credit Licence. ASIC chairman Joe Longo stated the model was designed to sidestep consumer protection laws. Justice Ian Jackman noted that the contraventions were serious and caused loss and harm to consumers in substantial amounts.

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cryptocurrency

Morgan Stanley’s Bitcoin ETF Outpaces WisdomTree in Six Days

WisdomTree's lifetime total net inflows of $86 million have been surpassed in six trading sessions by the Morgan Stanley Bitcoin Trust (MSBT). The fund accumulated $103 million in net inflows following its April 8 launch. This growth was driven by a market-low expense ratio of 0.14%, which undercuts the Grayscale Bitcoin Mini Trust by a single basis point. The fund tracks the the CoinDesk Bitcoin Benchmark and is the first spot Bitcoin ETF issued directly by a traditional Wall Street banking institution. MSBT remains smaller than the Franklin Bitcoin ETF ($375 million), the Valkyrie Bitcoin ETF ($326 million), and The Invesco Galaxy Bitcoin ETF ($245 million). It remains significantly smaller than the market leaders, BlackRock's iShares Bitcoin Trust (IBIT) at $64.3 billion in cumulative inflows and the Fidelity Wise Origin Bitcoin Fund at $10.9 billion.

The $7 million total penalty was reduced because the respondents sought legal advice from national law firm Piper Alderman. Justice Jackman inferred that the respondents genuinely intended to act lawfully because they sought advice after previous legal battles with regulators.

Related Brief2h ago
social security funding

Social Security Faces 23% Benefit Cut by 2033 as Trust Fund Depletes

By 2033, Social Security retirees will receive 23 percent less in benefits than they would under current law, according to the 2025 report from the Social Security Board of Trustees. The Old-Age and Survivors Insurance (OASI) Trust Fund, which funds these benefits, will be depleted that year and will only be able to cover 77 percent of scheduled payments. This means each recipient will face an automatic 23 percent cut in benefits unless Congress acts to change the law. The Social Security program is funded by a 12.4 percent FICA payroll tax, split evenly between employees and employers, but the worker-to-beneficiary ratio has dropped from five to one in 1960 to three to one in 2024, and is expected to fall further. The trust fund has no authority to borrow from the Treasury once it becomes insolvent, leaving the projected benefit cut as the most direct consequence of current funding trends.

While ASIC highlighted $60.5 million in payments to related companies, the court found that joint profits to the two companies were only $3.7 million. Justice Jackman stated there was no evidence of financial benefit obtained personally by the directors. The total penalty is $7 million.

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retirement planning

Harrison Ford's $4,640 Monthly Social Security Check Illustrates the Impact of Delayed Claiming

Harrison Ford receives an estimated monthly Social Security benefit of $4,640, more than double the average retiree's payout of $2,071. This amount is the result of a strategy of delayed claiming and high consistent earnings. The Social Security Administration calculates disbursements based on a worker's top 35 earning years. Because Ford earned above the taxable income cap for decades, his income history prior to his debut in 'Star Wars' in 1977 is immaterial to his benefit amount. Ford likely waited until age 70 in 2012 to claim his benefits, when the maximum benefit benefit for someone retiring at 70 was $3,266 per month. Annual cost-of-living adjustments have since increased that amount to the current figure. Ford's check is $4,640 per month.

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