Stop The Debt Trap Opposes Bank Payday Loan Bill

For Immediate Release   Consumer Advocates Urge House Members to Halt Bank Payday Loan Legislation in Committee Markup    H.R. 4861 would invite banks back into the business of making harmful 200-300% interest rate loans   WASHINGTON, D.C. – Today in a committee markup meeting scheduled for 10:30 a.m. ET, the Committee on Financial Services is scheduled to begin considering a …

Bank Payday Loans Are an Abusive Product

The undersigned consumer, civil rights and faith groups write in strong opposition to HR 4861 (Hollingsworth), the Ensuring Quality Unbiased Access to Loans Act of 2018 (EQUAL Act). The bill exempts bank payday loans (also called “deposit advance products”) from the Consumer Financial Protection Bureau’s (CFPB) payday loan rule and also nullifies the Federal Deposit Insurance Corp.’s (FDIC) deposit advance …

What we know about the online payday lending lawsuit Mick Mulvaney ordered the CFPB to drop

In April 2017, the Consumer Financial Protection Bureau sued four companies, Golden Valley Lending, Silver Cloud Financial, Mountain Summit Financial, and Majestic Lake Financial, for using sham tribal-sovereignty claims to collect debts on loans that violated an array of state laws as well as the federal Truth in Lending Act. On January 18, 2018, the bureau moved to dismiss its lawsuit. After an initial …

Payday Lenders Try To Fight Borrower Protections With Fake Comments

Predatory payday lenders do not like to be told how they can and can’t abuse consumers, and they fight protections every step of the way. Months before the Consumer Financial Protection Bureau proposed a new rule in 2016 that threatens the profits of avaricious payday lenders across America, the industry’s leaders gathered at a posh resort in the Atlantis in …

U.S. House Votes to Condemn Working Families to a Never-Ending Cycle of Debt

For Immediate Release: February 14, 2018   U.S. House Votes to Condemn Working Families to a Never-Ending Cycle of Debt WASHINGTON, D.C. – In a mostly party-line vote, the U.S. House of Representatives today approved legislation that could allow predatory payday lenders to ignore existing state laws capping the interest rate lenders could charge borrowers seeking a short-term loan. HR 3299, …

Congress Introduces SAFE Lending Act to Protect Consumers

For Immediate Release: February 13, 2018 Contact: Adam Muhlendorf, Stop the Debt Trap Coalition (202) 641-6216; adam@westendstrategy.com Consumer & Community Advocates Hail Introduction of SAFE Lending Act WASHINGTON, D.C. – New legislation introduced in Congress today would provide new protections for consumers against high-risk online lenders, according to a coalition of consumer and community advocates from across the country. The …

Mulvaney Ends CFPB Investigation into Campaign Contributor

For Immediate Release: January 23, 2018 Mulvaney Ends CFPB Investigation into Campaign Contributor WASHINGTON, D.C. – For the second time in a week, Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau (CFPB), has taken action to protect one of his campaign donors instead of consumers by dropping an investigation into World Acceptance Corporation, a Greenville, South Carolina-based …