Payday News, week of April 22, 2016

Partner blogs, posts & press releases: April 20, 2016 Center for Responsible Lending (CRL) New CFPB Report Details Financial Harms Caused by Payday Lending Today the Consumer Financial Protection Bureau (CFPB) released a new report that proves how high-cost fees on small-dollar loan create rather than resolve financial challenges for borrowers. April 20, 2016 Consumer Federation of America (CFA) CFPB …

AFR statement on CFPB online payday report

Some payday lenders do business through storefronts; others operate online. This new report puts one more nail in the coffin of the idea that either is a safe form of credit in the current regulatory environment. Previous research, including studies by the CFPB, showed that most payday loan customers end up in high-cost long-term debt, often paying more in fees …

The Pit of Despair in Atlanta, Georgia

It was perhaps an appropriately rainy day in Georgia as Rise Up Georgia and Jobs with Justice brought out the Pit of Despair in Atlanta, helping consumers visualize the debt trap that drowns so many payday bowers in debt. People lined up to fall into the pit and to tell the Consumer Financial Protection Bureau to finally propose a rule …

Payday News, week of April 1, 2016

Partner blogs, posts & press releases: March 29, 2016 Leadership Conference on Civil and Human Rights Letter to Rep. Wasserman Schultz on the “Consumer Protection and Choice Act” “H.R. 4018 would impose a two-year moratorium on any rulemaking by the Consumer Financial Protection Bureau (CFPB) that would regulate “deferred presentment transactions” – better known as, but not limited to, so-called …