Payday Loan Reform News – October 11

Highlights Regulations Targeting Payday Lenders are Necessary: Regulations Can Do an Awful Lot of Good October 11, Tulsa World Federal regulators rolled out a long-awaited set of new rules for payday lenders last week, including a measure designed to prevent predatory companies from trapping poor people in debt they have no hope of ever repaying. Proposed Federal Rules Would Put …

OCC Opens Door For Abusive Bank Payday Lending

Agency decision to rescind bank payday guidance draws criticism from more than 100 faith leaders, consumer advocates, civil rights organizations across U.S. WASHINGTON, D.C. – One day after the Office of the Comptroller of the Currency (OCC) rescinded its 2013 guidance to curb predatory bank payday loans, more than 100 faith leaders, consumer advocates, and civil rights organizations from across …

America Responds to CFPB’s Payday Lending Rule

Groups around the country are responding to the Consumer Financial Protection Bureau’s proposed rule. Here is what many of them have to say: Stop The Debt Trap Coalition Joint Statement: CFPB Payday Lending Rule Will Disrupt Abusive Lending, Protect Families From Financial Predators AUDIO: Listen to the coalition press call here. FACT SHEET: Fact sheet summary available here. National Groups: …

CFPB Payday Lending Rule Will Disrupt Abusive Lending, Protect Families From Financial Predators

Consumer, Civil Rights Advocates Welcome Key First Step to Stopping the Debt Trap, Promise to Keep Up the Fight WASHINGTON, D.C. – Today, consumer and civil rights advocates from around the country representing the Stop the Debt Trap campaign welcomed the Consumer Financial Protection Bureau’s (CFPB) new rule to limit short-term payday and car-title lenders’ ability to trap borrowers in …

Payday Loan Reform News – October 2

Highlight: Guest opinion: Montana's payday lending law at risk in Congress September 29, Billings Gazette Payday loans continue to ensnare their communities in cycles of debt with false promises of fast cash. The Consumer Financial Protection Bureau has been reining in these loans when they break the law and is planning to release further protections for borrowers of these loans, …

Payday Loan Reform News September 2017

Highlight Payday Lenders Win Special Protections from Congress September 15, PaymentsJournal 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 their dangerous products.   Top Stories Consumer advocates urge …

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 …