Payday News, week of January 29, 2016

January 28, 2016
ChristianToday
Iowa: Catholics and evangelicals unite to put payday loans on agenda
Evangelicals and Catholics have united in an effort to put payday lending on the agenda ahead of the Iowa caucus, according to the Catholic News Service.

For more coverage:

  • CatholicPhilly.com|Iowa caucuses, lawmakers getting payday lending issue on their radar
  • January 29, 2016
    Public News Service
    MI Groups Want Regulators to Rein In Payday Lending
    Consumer groups in Michigan want payday-lending regulations to have more bite, and are asking federal regulators to rein in the damage done by the industry.

    January 29, 2016
    Columbus Telegram
    Support effort to regulate payday loans
    LB1036 would still make payday loans available, but limit how much lenders are allowed to profit from families in difficult circumstances.

    January 28, 2016
    KELOLAND TV
    Organizer Calls Pay Day Loan Petition Challenge ‘Last Ditch Effort’
    Two men are challenging the good pay day loan measure proposed for South Dakota’s November ballot. The challenge affidavit is just six pages long, but it claims 7,600 petition signatures are invalid.

    January 28, 2016
    Madison.com
    Plain Talk: Payday loan industry drives up racial wealth gapThe entire payday loan industry, notorious for charging interests rates of 500 percent or even higher, preys on the misfortunes of the nation’s poor.
    For more coverage:

  • The Inquisitr | Payday Loan Lenders Drive Racial Wealth Gap
  • January 27, 2016
    Insidesources.com
    Innovative Financial Services or Online Loan Sharks? Jury’s Out
    Groups such as the National Consumer Law Center have dubbed Elevate a purveyor of “payday installment loans” — products that might not take the form of payday loans, but still offer credit with such high interest rates as to make them inappropriate for consumers who are already living in fragile financial circumstances.

    January 27, 2016
    Daily Press
    Jan. 28 Letters: Payday lending
    Some of our Virginia delegates are gullible as to believe promises from the predatory payday lenders community that it will clean up its act.

    January 27, 2016
    The Wall Street Journal (Blog)
    Committed: New Jersey Pension Sells Stakes in JLL, Carlyle Funds
    The New Jersey state pension, under scrutiny from advocacy groups for backing a payday lender through JLL Partners ‘ fifth fund, struck a deal to sell that fund stake on the secondary market.
    For more coverage:

  • NJ.com | N.J. pension fund scraps investment in ‘predatory’ payday lender
  • January 27, 2016
    Yahoo Finance
    How to Spot a Loan That Can Bring You Down: 6 Red Flags
    On average, short-term payday loans charge 391 percent APR (annual percentage rate), according to the Center for Responsible Lending (CRL).

    January 27, 2016
    The Detroit News
    Judge OKs ban against illegal title lender
    The companies employ a network of websites, mail drops, payday lenders, banks, call centers and repo companies throughout the country to sign up borrowers, distribute checks, collect payments and seize the cars of borrowers who default on the abusive loans.

    January 26, 2016
    Fort Worth Star-Telegram
    Arlington council OKs land-use restrictions on payday lenders
    The Arlington City Council Tuesday voted unanimously to restrict where payday and auto-title lenders can do business.

    January 26, 2016
    WBRC FOX6 News – WBRC.com
    Advocates hope to gain support for payday loan reform in Alabama
    Alabama may have the more payday lending companies than any other state and they’re taking a toll on its citizens, according to President Emeritus Birmingham Southern College Neal Berte.

    January 26, 2016
    Arizona Daily Sun
    Lawmaker: Car title loans worse than payday lenders
    A state lawmaker who fought to rid Arizona of payday lenders now wants new curbs on the title lending industry.

    January 26, 2016
    Kake.com
    On Your Side Consumer Alert: Pay day loan scams
    Payday loans can be very helpful for people needing a little extra money to get by. Yet, a McPherson man says he was scammed when he tried to take out a loan.

    January 25, 2016
    Daily Press
    Promise from the lenders kills predatory loan bills
    The problem comes when people walk in to get a payday or car title loan — borrowing on the security of their cars or trucks — and walk out with a different kind of loan, one with fewer consumer protections and often at even higher interest rates.

    January 24, 2016
    The Salt Lake Tribune
    Utah lawmakers rake in cash from special interestsThe payday-loan industry also gave $37,500. Such high-interest loan companies were tied to scandals that toppled former Utah Attorney General John Swallow.

    January 23, 2106
    Omaha World-Herald
    Payday loans bill would slash fees, help needy
    A proposal introduced in the Nebraska Legislature this week would cap the effective annual percentage rate charged on payday loans at 36 percent — down from the current 460 percent.

    January 22, 2016
    Detroit Free Press
    Payday lending ‘debt trap’ hits consumers
    Low-income consumers, seniors and others can get caught in a “debt trap” involving extraordinarily high fees and interest rates on some payday loan products.

    January 22, 2016
    The Gazette: Eastern Iowa Breaking News and Headlines
    It’s time to act on payday lending rules
    Now we are into 2016 and long overdue for the CFPB to take action before more billions are stripped from our communities.