Forward through Ferguson on Predatory Lending

The recently released Ferguson Report emphasizes the negative impacts of predatory lending on neighborhoods like Ferguson, Missouri: While low wages make it difficult to escape poverty, predatory lending often makes poverty worse. Low-income households in Missouri with limited access to credit frequently seek high-cost “payday” loans to handle increased or unexpected emergency expenditures. These lenders, who are often the only …

Jewish Leaders Urge CFPB to Act on Predatory Payday Loans

By Rachel Anderson As the Jewish High Holy Days begin with Rosh Hashanah, members representing 15 different organizations working in the Jewish Community met with Consumer Financial Protection Bureau Director Richard Cordray to deliver a letter and ask the Bureau to put out strong rules that stop the debt trap created by abusive payday loans. Faith leaders are particularly troubled …

Payday News Stories, Week of August 7, 2015

August 2, 2015 The NWI Times Payday lenders prey on low-income families August 5, 2015 KDLT News AARP South Dakota Supports Efforts To Cap Payday Lending Interest Rates July 31, 2015 Consumer Financial Protection Bureau Offshore payday lender sued by CFPB August 3, 2015 The Statesman Changes at EZCorp to result in loss of almost 100 Austin jobs August 4, …

#StopTheDebtTrap Campaign Update August 5, 2015

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 31, 2015

July 25, 2015 Montgomery Advertiser (AL) Montgomery NAACP shows dangers of predatory lending July 27, 2015 Reuters Racecar driver, U.S. agency in settlement talks over payday lending July 27, 2015 North County Public Radio (St. Lawrence University, Canton, NY) Service members granted new protections from predatory lenders July 27, 2015 Times Free Press (Chattanooga) Chattanooga council scrutinizes new lending business …

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 …