Insights from States That Stopped Predatory Payday Lending

ICYMI: Powerhouse panel discussion with community leaders and policy experts from states who have passed the 36% limit on payday loans. Bonus! Keep watching to see the documentary “Let my People Go: South Dakotans Stop Predatory Payday Lending” which recounts the story of that battle to regulate payday loans in South Dakota. Watch now.

Payday Rule Repeal Compilation of Coverage

STATEMENTS ELECTED OFFICIALS Sherrod Brown ORGANIZATIONS Allied Progress Americans for Financial Reform Center for Responsible Lending Consumer Action Consumer Federation of America Consumer Finance Consumer Reports Cooperative Baptist Fellowship Faith for Just Lending Georgia Watch Hope Policy Institute Indiana Institute for Working Families Leadership Conference on Civil and Human Rights National Association of Consumer Advocates National Community Reinvestment Coalition National …

Broad Coalition Rebukes CFPB Political Leadership for Letting Predatory Payday Lenders Hurt People Hardest Hit by Covid-19 Pandemic

As more and more families fall on hard times, the CFPB keeps them exposed to 400% interest rate payday loan debt traps that disproportionately harm Black and Latino communities WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB), under the leadership of Trump-appointed Director Kathy Kraninger, issued a final rule that destroys consumer protections meant to prevent payday and car-title …

Community, Consumer, Civil Rights, Faith and Small Business Organizations Strongly Oppose the FDIC’s Proposed Rule on Federal Interest Rates

Download the full letter. February 4, 2020 The Honorable Jelena McWilliams Chairman Federal Deposit Insurance Corporation 1776 F Street, NW Washington, DC 20006 Delivered electronically via email Re: Comments on FDIC Notice of Proposed Rulemaking, Federal Interest Rate Authority, 12 CFR Part 331, RIN-3064-AF21 Dear Chairman McWilliams, The undersigned community, consumer, civil rights, faith and small business organizations write to …

As Congress Shines Light on Rent-a-bank Schemes, 100+ Groups Urge FDIC to Rescind Plan that Facilitates their Spread

For Immediate Release: February 5, 2020 Contact: Jessinia Brooks, 212-574-3415, jessinia.brooks@berlinrosen.com As Congress Shines Light on Rent-a-bank Schemes, 100+ Groups Urge FDIC to Rescind Plan that Facilitates their Spread Watch hearing on the topic in the House Financial Services Committee Banking agency that currently allows “rent-a-bank” schemes with triple digit interest loans that evade state laws poised to make them …

OCC Proposal Could Greenlight Predatory Lending Schemes

Broad coalition strongly rebukes proposed rule that would facilitate triple-digit interest “rent-a-bank” loans that evade state usury laws Washington, DC – A coalition of more than 100 organizations, including civil rights, consumer, faith, and small business groups, yesterday submitted a public comment in opposition to a proposed rule from the Office of the Comptroller of the Currency (OCC) that would …

Bipartisan 36 Percent Interest Rate Cap Bill Introduced in Congress Earns Praise from Stop The Debt Trap Coalition

The “Veterans and Consumers Fair Credit Act of 2019” would protect all Americans from predatory lending Washington, DC – The Stop the Debt Trap coalition today applauded Reps. Jesús “Chuy” García (D-IL) and Glenn Grothman (R-WI) and Sens. Sherrod Brown (D-OH), Jeff Merkley (D-OR), Jack Reed (D-RI) and Chris Van Hollen (D-MD) for introducing the Veterans and Consumers Fair Credit …

Stop The Debt Trap Launches Debt Trap Tracker Showing Harm from Payday Loans

Today is the day a Consumer Bureau rule was scheduled to go into effect and to begin protecting consumers from payday loan debt traps Washington, DC – Today, the Stop the Debt Trap coalition launched the Payday Loan Debt Trap Tracker, an online tool visualizing the fees paid by American consumers to payday and car-title lenders. The debt trap – …

Advocates Across the Country Fight to Preserve Strong Consumer Protections on Predatory Payday and Car-title Loans

For the last 90 days, we have been fighting to retain the protections afforded by the 2017 payday rule which required lenders to assess a borrower’s ability to repay prior to granting a loan. Now, the Consumer Financial Protection Bureau (CFPB) is proposing to overturn his common-sense provision under the administration’s new Bureau director, Kathy Kraninger.   Keeping Up the …