Payday Loan Reform News – June 11

Highlight   We Need the CFPB’s Rule to Stop Payday Loan Debt Traps June 5, The Morning Consult One of the essential functions of government is to prevent the wealthy from exploiting the poor. This administration should start fulfilling that function and keep their hands off the Payday Rule.   Other News   Five ways Mulvaney is cracking down on …

Payday Loan Reform News – June 5

Highlight   Consumer Advocates Ask Judge: Reject CFPB’s Request for Payday Loan Rule Delay June 5, Credit Union Times Four consumer groups are asking a federal judge to deny a request by the CFPB and a payday lending group to place a strict short-term loan rule on hold.   Other News   Assembly Speaker Robin Vos’s Payday Loan London Junket …

OCC Issues New Guidance on Bank Small Dollar Loans

Last month, the Office of the Comptroller of the Currency (OCC) issued a guidance that encouraged banks to jump into the small-dollar lending market. The guidance also expressed support for practices that help consumers; including emphasizing reasonable pricing, stressing that banks ensure borrowers have an ability to repay the loans, and warning of the danger of trapping consumers in cycles …

Over 120 organizations oppose the Sham Lender bill

Below is a letter of over 120 consumer, civil rights, labor, community and legal services organizations strongly opposing HR 4439- the Shame Lender bill which would allow payday lenders to partner with banks to circumvent state usury laws:

CFPB Payday Rule Survives Legislative Threat, Remains Intact For Now

FOR IMMEDIATE RELEASE CONTACT: Anna Susman, 646-200-5285, anna.susman@berlinrosen.com DATE: May 17, 2018   CFPB Payday Rule Survives Legislative Threat, Remains Intact For Now  Advocates urge consumer bureau to preserve and enforce the rule, protect consumers against payday lending debt trap WASHINGTON, D.C. – Congressional Review Act (CRA) resolutions—S.J. Res 56 and H.J. Res 122—to repeal the Consumer Financial Protection Bureau’s (CFPB or consumer …

Financial Regulators Should Not Sanction High-Cost Unaffordable Loans

For Immediate Release May 14, 2018 Financial Regulators Should Not Sanction High-Cost Unaffordable Loans  As the OCC soon clarifies its position on small dollar loans, it should ensure loans are reasonably priced and based on account holders’ income and expenses WASHINGTON, D.C. – The Center for Responsible Lending, Americans for Financial Reform, National Consumer Law Center (on behalf of its low …

Payday Loan Reform News – April 20

  A payday lender is accused of stealing millions from customers. Trump’s CFPB is now letting them off the hook. April 20, Vox In the agency’s first report to Congress since Mick Mulvaney took the helm in November, the CFPB said it is dropping sanctions against NDG Financial Corp, a group of 21 businesses that the agency, under President Obama, …

Payday Lenders hobnob at Trump Florida golf resort

FOR IMMEDIATE RELEASE: April 19, 2018 CONTACT: Cara Newlon, CRL@berlinrosen.com , 703 899 3206   Payday Lenders Rip Off Our Families and Corrupt Our Politics Opponents fight predatory lending, in the air and on the ground Industry executives hobnob at Trump’s Florida golf resort Doral, Florida –A diverse group of opponents of predatory payday lending, a form of short-term debt …

Latino Victory, Florida Immigrant Coalition Protest Payday Lender Conference at Trump Resort

For Immediate Release April 18, 2018 Contact: Monica Garcia | monica.garcia@latinovictory.us | 312-860-8860   Latino Victory, Progressive Groups Protest Payday Lender Conference at Trump Resort Organizations say conference location is no coincidence after Mulvaney drops lawsuit and delays rules that would rein in predatory lending Miami, Fl – Latino Victory Project, New Florida Majority, and the Florida Immigrant Coalition today protested predatory payday lenders outside Trump National Doral Miami, …