The House Introduced an Attack on the Consumer Bureau’s Borrower Protections

The Consumer Financial Protection Bureau finalized borrower protections in a new payday and car title lending rule earlier this Fall, to the support of hundreds of community groups across the country, including dozens who put out statements. In a dangerous move, Rep. Dennis Ross (R-Fla.), along with Rep. Alcee Hastings (D-Fla.), Tom Graves (R-Ga.), Henry Cuellar (D-Texas), Steve Stivers (R-Ohio), …

Payday Loan Reform News – November 17

Highlights Democrats May Deny It, But This Bill Is A Handout To Payday Lenders November 16, Huffington Post Rep. Gwen Moore (D-Wis.) has a payday lending problem. On Tuesday, HuffPost published an article highlighting an obscure piece of legislation moving through Congress that would help payday lenders and other shady operators skirt predatory lending laws passed by state governments. It’s …

New Poll: Arizonans support Consumer Bureau’s Payday Lending Protections

Read the polling memo here. Four out of five Arizonans don’t like payday and car title lenders, and only 6% have a favorable opinion of them. That’s according to a new poll from Public Policy Polling, which found that the unfavorability of payday lenders stretched through partisan divides with 82% of Democrats, 79% of Republicans, and 80% of Independents. Fortunately, …

Payday Loan Reform News – November 10

Highlights Payday loans are predatory November 10, The Billings Gazette As a former U.S. Air Force air traffic controller for six years, I saw payday lenders prey on men and women in uniform. Financial distress is the top reason military personnel take their own lives. The Military Lending Act gave relief to active duty service members. Payday loans are prohibited …

Testing a Borrower’s Ability to Afford a Consumer Loan

A limit on loan payment size of 5% of income will not prevent borrower harm As federal and state lawmakers and regulators work to rein in harmful debt-trap payday lending, a few parties have recommended a solution that the overwhelming majority of consumer advocates and research organizations find to be unhelpful. Basing reform of abusive consumer lending on limiting the …

Senate Bill Could Let Payday Lenders Circumvent State Usury Laws

Consumers sound off on bills in Congress to allow payday lenders to partner with banks to circumvent state usury laws: In Pennsylvania’s Courier Times: House Resolution 3299 and Senate Resolution 1642 would allow payday lenders or “non-banks” to ignore state interest rate caps and make high-rate loans. If they pass, we would see vulnerable Pennsylvanians become prey to loans with …

Payday Loan Reform News – November 3

Highlights As OCC Steps Backward on Payday Lending Oversight, Banks Shouldn’t Follow November 2, Morning Consult Legalized loan sharking has various disguises: payday loans, car title loans, high-cost installment loans. Payday loans are usually made by a storefront on the corner or by a nonbank online lender, but until a 2013 federal intervention, a handful of banks were wading in …

Payday Loans Reform News – October 30

  Highlights The Little Guys Win One on Payday Loans October 23, New York Times Since the federal Consumer Financial Protection Bureau opened its doors in 2011, the agency’s investigations and enforcement actions have returned more than $12 billion to auto buyers, homeowners, credit-card holders and other borrowers who were victimized by deceptive or predatory practices. Consumers who have been …