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CFPB director Richard Cordray

The parent company of payday lender Speedy Cash has filed for a $100 million IPO. It plans to trade on the NYSE under ticker symbol CURO, with Credit Suisse listed as left lead underwriter. The Kansas-based company reports $33 million of net income of $442 million of revenue for the first half of 2017, and is owned by private equity firm FFL Partners.

Tricky timing: This filing comes just weeks after the Consumer Finance Protection Bureau issued strict new rules on payday lending, with most provisions slated to become effective in mid-2019. If not overturned by Congress – or rescinded by whoever follows Richard Cordray as CFPB boss – these regulations would eventually eat into both Speedy Cash's top and bottom lines, even if they also prompt industry consolidation.

Ridiculous rates: Per its website, Speedy Cash charges $273.01 in fees on a $500 online installment loan in Nevada (where your humble correspondent is this week, for the Money 20/220 financial tech conference). That works out to a whopping APR of 438.78%, and assumes all payments are made on time over a 77-day period. The APR on an online, 14-day payday loan of $500 in Nevada works out to 651.79%, or total payback of $625. In-store Nevada APR rates are around 460%.

Go deeper

Dan Primack, author of Pro Rata
2 hours ago - Politics & Policy

Democrats' billionaires tax explained

Illustration: Aïda Amer/Axios

There is now legislative language behind the push to tax American billionaires on unrealized capital gains, as Sen. Ron Wyden last night released his 107-page plan.

Why it matters: This would be a sea change in U.S. tax policy, which has only applied to realized gains (otherwise known as income).

3 hours ago - World

Scoop: Blinken protests Israel settlements approval in "tense" phone call

Benny Gantz (L) and Tony Blinken. Photo: Jacquelyn Martin/Pool/AFP via Getty

Secretary of State Tony Blinken protested the decision to approve 3,000 new housing units in Israeli settlements in the occupied West Bank during a tense phone call on Tuesday with Israeli Defense Minister Benny Gantz, three Israeli officials tell me.

Why it matters: This is the first time new construction in the settlements has been approved since President Biden assumed office, and the Biden administration had been privately pressing the Israeli government not to proceed.

The startup that wants to disrupt big internet providers

Illustration: Maura Losch/Axios

A new startup backed by funding from AOL founder Steve Case and Laurene Powell Jobs wants to break up broadband monopolies across the country.

Why it matters: Internet access has been crucial during the pandemic, but it's not ubiquitous, and it can be both slow and unaffordable in swaths of the country.