Payday News, May 15 – 22
To see most of this listing in blog form here.
This week’s highlight:
Google announced last Wednesday that it’s putting an end to search ads for payday loans. The story grabbed a lot of media attention:
.@google is banning search ads for payday loans. Here’s why civil rights groups are happy about it: wpo.st/JNFZ1 #StopTheDebtTrap
May 11, 2016
Google Announces It Will Stop Allowing Ads For Payday Lenders
Starting this summer, Google will no longer allow payday lenders — companies offering short-term, high-interest loans — to buy advertising on Google ad systems.
CNNMoney|Google bans all ads for payday loans
Buzzfeed News|Google Bans Ads For Payday Loans
Tech Crunch|Google to restrict ads for payday loans
Los Angeles Times|Google tells payday lenders to take their advertising business elsewhere
USA Today|Google to ban ads for payday loans
Wired|Google Pulls Plug on Predatory Payday Loan Ads, Huzzah!
The New York Times|Google to Ban All Payday Loan Ads Reprints: Times Union, The News & Observer, Yahoo Finance, MSNMoney, CNBC, The Daily Star, CBCNews, The Denver Post , Orlando Sentinel, The Mercury News and The Wall Street Journal
The Washington Post|Google to ban payday loan advertisements
American Banker|Google Bans Payday Loan Ads
Engadget|Google takes a stand against predatory lending ads
Raw Story|BUSTED: Google bans all ‘payday lender’ ads — calling them ‘harmful financial products’
The Oklahoman|Mind Your Own Business: Yay Google, for dumping payday loan ads
International Business Times|Google Removing Payday Loan Ads From Its Search Engine
Broadcasting Cable|Google Banning Payday Loans From AdWords
Search Engine Land|Google bans ads for payday and high-interest loans
SeattlePi|Google to ban payday lending ads, calling industry ‘harmful’
Las Vegas Sun|Google to ban payday lending ads, calling industry ‘harmful’
Yahoo Finance|Google Bans Ads for Payday Loans
Fortune|Google Banning Advertising by Payday Lenders
The Week|Google to ban ads for payday lenders
Live Mint|Google to ban payday loans from its advertising systems
Pittsburgh Post-Gazette|Lanxess net income rises in first quarter; Google tells payday lenders to take advertising elsewhere
Independent IE|Google bans ‘deceptive’ payday loan adverts from search results
RTE News|Google says ‘no’ to payday lender ads
Gulf News Media|Google bans payday loans, starting in July
The Wall Street Journal|CMO Today: Google Bans ‘Bad’ Loan Ads
Newsweek|GOOGLE CLASSIFIES PAYDAY LOAN ADS ALONGSIDE GUNS, DRUGS AND EXPLOSIVES
The Guardian|Google’s ban on payday loan ads recasts debate of morality in media for digital age
The New York Times|Google’s Payday Loan Move Exemplifies New Corporate Advocacy
The Week|Has Google killed off payday loans?
Truth Out|How Payday Lenders Are Beating Back Reform in Alabama
Betanews|Google slaps an AdWords ban on payday loans and other high interest finance services
Huffington Post|Google Won’t Do Business With Predatory Lenders Anymore
Huffington Post|Why Google Banned Ads From Payday Loans
Mashable|Google will start banning all ads from payday lenders
The Atlantic|Google: Payday Loans Are Too Harmful to Advertise
ABC News|Google Will Ban Ads for Payday Loans
Forbes|Google Takes A Stand Against Payday Loans, Bans Ads
BBC News|Google bans ads from payday lenders
The Salt Lake Tribune|Debate: Google agrees with Tribune on payday lenders …
The Christian Science Monitor|No more Google ads for payday loans: consumer protection or censorship? (+video)
Tampa Bay Times|Google to ban all payday loan ads
Forbes|Google Joins The Ranks Of The Condescending
Gulf News|Google bans payday loans, starting in July
CBS Money Watch|Google gives payday lenders the boot
Seeking Alpha|Google to ban payday loan ads
CNET|Google bans ads for payday loans
MarketWarch|Google follows Facebook in banning payday loan ads
NASDAQ|Google Adds Payday Loans to Dangerous Products List
E-Commerce Times|Google Boots Ads for Predatory Payday Lenders
Associations Now|GOOGLE’S NEW PAYDAY LOAN POLICY DRAWS MIXED RESPONSE
Inquisitr|Google Announces Removal Of All Payday Loan Ads
Bloomberg BNA|Google to Ban Advertisements for Payday Loans
North Dallas Gazette|Water’s applauds Google’s plan to ban payday lending ads
TechTimes|Why Payday Loans Are Bad And Why Google Wants To Protect You From Them
Reuters|Google says ‘no’ to payday lender ads
New York Magazine|Google Will Ban Payday Loan Advertisements Later This Year
The New York Times|Another Company With a Cause: Is Google Just Being a Good Citizen?
Reno Gazette-Journal|Letter: Google right to limit payday loan ads
Search Engine Land|Google’s ban on payday loans estimated to cost millions in lost ad revenue
NHVoice|Google’s crackdown on payday lending ads; bans all of them from July 13
Search Engine Roundtable|Google AdWords Bans Payday Loans & Other Risky Loan Ads
American Banker|Payday Lenders Seek Gov’t Intervention After Google Ad Ban
Alaska Dispatch News|Google to Ban All Payday Loan Ads
The Hill|Consumer watchdog sues payday lender
Bloomberg Gadfly|Is Google Right to Ban Payday Loan Ads?
News Everyday|Google Banning Ads for Payday Loans
Cheatsheet|Why You Won’t See This Kind of Ad on Google or Facebook
Townhall|To Learn About Hypocrisy, Google ‘Oregon Florist’
Afro|Google Halts Predatory Payday Loan Ads
Military Technologies|CFSA CONDEMNS DISCRIMINATORY ADVERTISING POLICY, DEMANDS GOOGLE DISCLOSE CONFLICT
Buzzfeed News|Google Banned Them, But Payday Lenders Still Have Bing
Lexington Herald-Leader|Cap rates on payday loans
Crowdfund Insider|Google to Block PayDay Loan Ads in July. Keeps the Good Ones
Lexology|Google To Ban Payday Loan Advertisements
Search Engine People|Google’s Own Payday Lending Company Not Up To Snuff
Insolvency News|Google’s payday loan advert ban: Industry reacts
The Reporter|Danette Mitchell: Google takes important steps to curb payday lenders
Partner blogs, posts & press releases: (please forward these along in the future)
May 13, 2016
The Leadership Conference
Advocates Applaud Google’s Ban on Payday Loan Advertisements
A recent report by Upturn noted that payday loan search ads are common online, even in states where payday lending is illegal, and can sell for more than $10 per click. Google’s change reflects the growing national consensus that payday loans are harmful. It also comes as the Consumer Financial Protection Bureau prepares to issue regulations on these products.
May 11, 2016
Americans for Financial Reform
AFR, others laud Google decision to ban payday loan search ads
Google’s announcement, which follows a similar policy statement by Facebook last year, reflects a growing national consensus on the inherently destructive nature of a loan product engineered to compound the financial problems it purports to solve.
May 11, 2016
Center for Responsible Lending
CRL Lauds Google’s Payday Ad Change as Corporate Citizenship
Google is demonstrating how profitable enterprises can also be ethical and supportive of financial fairness. There is nothing fair about triple-digit interest rates being charged on loans to working families.
May 11, 2016
National Council of La Raza
Google Says “No More” to Online Payday Lender Ads
Google’s announcement adds a new tool in the fight against shady lending practices since very few states offer tough regulation of the industry. In fact, according to the Consumer Federation of America, 32 states enacted safe harbor legislation for payday lenders and permit loans with up to triple digit interest rates.
May 11, 2016
Common Sense Kids Action
Kids Action Applauds Google for Banning Payday Lending Ads
Today, we applaud the decision by Google to ban payday loan advertisements, a move they made after discussing the issue with Kids Action and our partners.
May 11, 2016
Investors Applaud Google’s Ban of Payday Loan Ads
Google is taking a big step to curtail the harmful impact of predatory lending schemes on its users. Low income people — the primary targets of economically exploitative ploys both online and off — stand to benefit most from the policy change.
Other Top Stories:
May 10, 2016
Florida politicians and parties got $2.5 million from payday lenders, group says
Payday lenders have donated about $2.5 million to Florida politicians and both political parties in recent years, according to a new analysis by a liberal group.
Inside Sources | Democratic Party Chairwoman Faces Attacks from Left Over Payday Lending
May 15, 2016
The Philadelphia Tribune
Clarke seeks tax hike to fund $100M housing relief plan
“We have had enough of the payday loan industry’s antics to try and deceive Pennsylvanians, pretending as though what they want to offer in the commonwealth is a safe option for consumers,” Parker said.
May 14, 2016
Kerr: A loan shark by any other name
Payday lending has been with us for 14 years, and our area continues to be ripe territory for their practices. Letting it in the first place was bad, reforming the system did a little good, but the best answer would be getting rid of it entirely. It’s a blight on our community.
May 13, 2016
The Denver Post
Empty threats from high-interest lender OneMain?
“This is one of those issues where you almost have to hold your nose and still vote for it, because if you don’t, the branches will close, and the only option you’ll have is payday lending,” Melton told The Herald in June.
May 12, 2016
The New York Times
Bank Arbitration Rule
Because of this, payday lenders will still be able to require arbitration for challenges to their sky-high interest rates, the process will still govern individual disputes over private student loan contracts, and more.
May 10, 2016
As payday-lending kingpin Scott Tucker prepares for a criminal trial, the question remains: Where did the money go?
Filings in the FTC case reveal that Tucker faces other legal issues that haven’t previously been publicly disclosed. FTC attorneys wrote in a recent filing that Tucker faces potential criminal tax prosecution in Kansas.
May 10, 2016
Time for Online Lenders to Get Serious About Regulation
The rapid growth of alternative small-business lending — with billions of dollars being lent and new lenders popping up every day — is reminiscent of the go-go years of the payday lending industry.
May 10, 2016
Knoxville City Council considering restrictions on payday loan firms
Payday lenders wanting to set up shop in Knoxville may soon have to do so at least 1,000 feet apart from each other.
May 7, 2016
TUNICA-BILOXI CREATES REGULATORY COMMISSION FOR ONLINE CONSUMER LENDING OPERATIONS
The Washington State Department of Financial Institutions (DFI) issued an online alert in 2013 that it had “received complaints against MobiLoans. It appears that this entity is operating as a tribal online payday lender.
May 6, 2016
Misplaced decimal point: Woman owed $400, not $40,000, company says
A bankrupt cancer survivor who got a letter demanding she pay back $40,000 on a $300 loan was the victim of a regrettable error, says a representative with the payday and title loan company that tried to collect from her.