Payday Lenders Win Special Protections from Congress

Supporters of loan sharking swarm in the House For immediate release: September 14, 2017                       Contact: Caren Benjamin, 202-257-9209 WASHINGTON — Faced with the opportunity to protect Americans from payday lenders and their 400 percent interest rate loans, a majority in the U.S. House of Representatives instead chose to side with America’s legalized loan sharks and give them special protections for …

Predatory Installment Lending in 2017: States Battle to Restrain High-Cost Loans

When the National Consumer Law Center published the report Installment Loans: Will States Protect Borrowers From a New Wave of Predatory Lending? in July 2015, predatory installment lenders were moving into the states, seeking statutory authority to make consumer installment loans at sky-high interest rates. The report analyzed which states allowed high-cost installment lending and which did not, but warned …

Payday Lenders Bury Colorado Families in High‐Cost Debt

Six years after Colorado enacted a payday law reform bill in 2010, payday lenders in Colorado continue to trap their customers in long‐term, high‐cost debt. The promises of a quick‐and‐easy cash infusion draw consumers in, and the rapidly mounting costs keep them from getting out. This report uses data published by the Colorado Attorney General’s Consumer Credit Unit (Demographical and …

Mile High Money: Payday Stores Target Colorado Communities of Color

The Center for Responsible Lending’s (CRL) latest report on the long‐term cycle of debt of payday lending focuses on the costs to consumers on Colorado. Read the entire report at responsiblelending.org. Highlights include: Majority‐minority areas in Colorado (over 50% African‐American and Latino) are nearly twice as likely to have a payday store than all other areas, and 7 times more …

Congress Attacks Consumer Bureau With Wrong CHOICE Act, But Consumers Fight Back

Communities across the country have been fighting for years against the impact of payday lending, urging their state officials to stop the debt trap in its tracks. On the federal front, the Consumer Financial Protection Bureau (CFPB) has clamped down on payday lenders who have broken state laws, resulting in relief for thousands of Americans who were stuck in a …

Payday Reform in the News March 17

Highlight They’re Back! Loan Sharks Circling Again March 15, Arkansas Online Strong editorial backing lawmakers in their work to keep CashMax from getting borrowers caught up in “involuntary servitude.”   Top Stories   Huge majority of Ohioans want payday lending reform – now legislature must act: Brent Larkin March 16, Cleveland.com A new poll commissioned by The Pew Charitable Trusts …

Payday Reform in the News March 10

Highlight Linda Frame: WV sees through financial lobbyists; Manchin should too (Gazette)  March 9, Charleston Gazette-Mail (WV) A project manager at WV Center on Budget and Policy asks Senator Manchin not to listen to lobbyists who want to weaken the CFPB. Top Stories House panel endorses storefront loan reforms March 10, Albuquerque Journal Legislation has been introduced in New Mexico …

Payday Reform in the News March 6

Highlight     Lawmakers want to gut a consumer watchdog February 26, St. Louis Post Dispatch The St. Louis Post Dispatch published a popular defense of the CFPB thanks to editorial board memos that went around, and their editorial was picked up by newspapers in other states as well: Reposted: Myrtle Beach Sun News (SC) Daily Camera (CO)   Top Payday Stories …

Payday Reform News February 17

Highlight Local advocates continue to push back against state level efforts to allow predatory lending, while linking their state legislative work to the need to defend consumers and the CFPB at the national level: February 10, New York Daily News: Cage the sharks circling consumers Andy Morrison of the New Economy Project defends the CFPB and warns against a bill introduced …