Payday News Stories, Week of November 20, 2015

November 18 Portsmouth Daily Times Brown comes out against predatory loans Ohio Senator Sherrod Brown comes out against predatory payday and car title lenders. For more coverage: November 18 | Cleveland.com | With more payday lenders than McDonald’s, a crackdown is needed now, U.S. Sen. Sherrod Brown says November 18 The Dallas Weekly Ohioans Lose over $500 million to Payday …

Purdue students standing over the Pit of Despair

The Pit of Despair Opens Up in Indianapolis

At Purdue University’s Indianapolis campus, the Sociology Club of IUPUI and the U.S. Public Interest Research Group asked students what they thought of the hundreds of payday lenders that checker their state, ensnaring their neighbors with an average annual interest rate of 391%, according to a report from National People’s Action. At those rates, payday, car-title, and high-cost installment loans …

Payday News Stories, Weeks of November 7 and 14, 2015

October 29 Ballard Spahr LLP Commerce Clause Does Not Prevent Minnesota from Regulating Internet Loans Made to State Residents, Minnesota Supreme Court Rules The Minnesota Supreme Court recently ruled that the U.S. Constitution does not prevent the state from upholding its payday lending law in cases where online loans completed in Delaware were made to Minnesotan residents. October 31 Springfield …

Academics Shill for Predatory Lenders

The Payday industry trade group Consumer Credit Research Foundation (CCRF) paid for a 2011 study conducted by Arkansas Tech University and edited it to fit their purposes, according to the Campaign for Accountability (CfA) report, Academic Deception. The records released by the CfA report show that the CCRF paid Professor Anthony Fusaro at least $39,912 to author a report titled …

Payday News Stories, Week of October 31, 2015

October 29 Washington Post Online Should the post office also be a bank? The article discusses the potential for the U.S. Postal Service to provide banking services and to serve as an alternative to payday lenders in offering short-term loans to consumers in need. Support for the recommendation is growing, as advocates call for safer and more sustainable options for …