#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 …

Payday News Stories, Week of June 5, 2015

Democrat Tanks Bill Strengthening Consumer Loan Regulation By Christopher Hooks, Texas Observer May 30, 2015 Pelham planning to extend moratorium on payday loans, pawn shops, vape stores, others By Martin K. Reed, AL.com June 1, 2015 Are We Seeing The Beginning Of The End For Payday Lenders? By Adam Lee, Global Dispatch June 1, 2015 Real reason behind CFPB’s new …

Payday News Stories, Week of May 29, 2015

Evangelicals Denounce Payday Lending, Join Fight for New Regulations By Sarah Eekhoff Zylstra, Christianity Today May 26, 2015 Military consumers have narrow escape on Capitol Hill By James R Hood, Consumer Affairs May 24, 2015 A Short Term Loan Alternative to Costly Payday Lending By Matthew Frankel, The Motley Fool May 29, 2015 CFPB rules would decrease payday loan volume …

Payday News Stories, Week of May 22, 2015

Sharks or saviors? Experts warn about dangers of payday loans By Shayne Dwyer, WDBJ – VA May 19, 2015 A political battle over loans to the military has DCCC criticizing Forbes By Dave Ress, Daily Press May 20, 2015 Military Lending Act does harm to sound, traditional loans Rep. Nathan Ballentine, Island Packet May 15, 2015 Speak Out: Payday loans …