The $1,200 stimulus checks from the government have quite a loophole. Banks and loan sharks can seize the money before it lands in your account — a wrinkle that favors debt collectors over the vulnerable people the checks are supposed to help.
Sens. Elizabeth Warren (D-MA) and Sherrod Brown (D-OH) are calling for Congress to put a stop to it in the next coronavirus package out of Capitol Hill.
The plan is part of a broad set of proposals, shared exclusively with Vox, that the pair of senators are releasing on Tuesday to help consumers manage debt — be it mortgages and rents, student loans, credit card debt, or auto loans — during the coronavirus crisis and accompanying economic downturn.
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Read the full article on the Vox website here.