Payday News Stories, Week of July 24, 2015

Richard Shelby backing wrong side in financial protection debate By Shay Farley, Anniston Star July 21, 2015 Speaker’s Stand: Time for lawmakers to take our side on payday lending By Shay Farley, Anniston Star July 23, 2015 U.S. to Expand Military Lending Act in Effort to Protect Service Members By Gordon Lubold & Byron Tau, Wall Street Journal July 21, …

New Military Lending Act Rules to #StopTheDebtTrap

On July 21st, The Obama Administration and the Department of Defense finalized new Military Lending Act rules to #StopTheDebtTrap for service members. Men and women in uniform are too often the targets of abusive lending practices. New protections will prevent payday, auto title and other high cost abusive lenders from digging our service members into a debt trap that can …

Payday News Stories, Week of July 17, 2015

Scott Walker Poised To Give Payday Lenders Radical New Powers To Prey On The Poor By Alan Pyke, Think Progress July 10, 2015 Groups urge Governor to veto payday lenders measure attached to budget By Veronica Macias, WDJT Milwaukee July 11, 2015 Targeting ‘payday’ loans By Gynnie Robnett, Philadelphia Inquirer July 14, 2015 Wis. Gov. Scott Walker Mulls Bill that …

#StopTheDebtTrap Campaign Update July 13, 2015

IN JUNE, over 100 Members of Congress signed letters to the CFPB in support of a strong rule on payday and other small dollar loans.  33 Senators, led by Senators Durbin and Merkley, and 68 Representatives, led by Congresswoman Sewell, sent corresponding letters to Director Cordray emphasizing the need for a strong CFPB rule come the fall.  National, state and …

Payday News Stories, Week of July 10, 2015

Payday lenders gave $15M to GOP campaigns in 2014 races: report By Tim Devaney, The Hill July 7, 2015 Group holds rally against payday lenders Idaho Press-Tribune July 4, 2015 CFPB Narratives Tell Stories of People Caught in the Payday Lending Debt Trap By Adam Rust, Bank Talk July 6, 2015 Shark Week campaign launches to stop predatory lending practices …

Payday News Stories, Week of July 3, 2015

Abusive lending practices target people of color By Charlene Crowell, New Pittsburgh Courier June 29, 2015 Loophole hurts payday loan borrowers in Ohio By Rachel Murray, Dayton Daily News June 27, 2015 Company Shares of Cash America International, Inc. Rally 1.42% By John Moore, News Watch International June 28, 2015 US authorities in crackdown on “rent-a-tribe” payday lenders By Ben …

Payday News Stories, Week of June 26, 2015

Fight erupts over Kennesaw State University’s study of payday loans By David Allison, Atlanta Business Chronicle June 23, 2015 Montco man charged with racketeering conspiracy in operating payday loan business By Jeff Blumenthal, Philadelphia Business Journal June 22, 2015 Jenkintown man charged in payday lending operation By Linda Finarelli, Montgomery News June 23, 2015 Pennsylvania Man Charged With Racketeering Related …

Payday News Stories, Week of June 19, 2015

Sen. Franken Speaks Out Against Payday Loans In St. Paul CBS Minnesota June 13, 2015 Political Notebook: Trey Gowdy’s Chattanooga speech draws Democrats’ fire Chattanooga Times Free Press June 14, 2015 Auto title lenders snagging unwary borrowers in cycle of debt By Jim Puzzanghera (LA Times), Omaha World-Herald June 15, 2015 Northport City Council approves payday loan limits By Ed …

Payday News Stories, Week of June 12, 2015

Are new consumer protection laws ‘toothless’? By Aimee Gulliver, Stuff.co.nz June 6, 2015 Payday lenders take aim at grubby end of US debt market By Ben McLannahan, Financial Times June 7, 2015 High-interest loans Durango Herald June 7, 2015 Borrower beware: Storefront loans can come with hefty price By Jason Gibbs, Las Cruces Sun-News June 8, 2015 Senators Urge CFPB …

33 Senators Sign on In Support of a Strong Rule on Payday

On June 4, thirty-three U.S. Senators sent a letter (PDF) to CFPB Director Richard Cordray, urging the adoption of strong rules to regulate payday and other “small dollar loans with astronomical interest rates.” Payday, Car title and High Cost Installment Lenders market these loans as one-time quick fix; but in reality they know that most of their loans cannot be …