Highlight September 28, New Brunswick Today: Federal Agency Wants Comments From Public on Payday Loan Rules The article states that the CFPB is accepting comments for payday lending reform, and provides details about the proposal. Partner Blogs & Press Releases Allied Progress: CFPB Must Closely Scrutinize Comments Opposing Proposed Payday Lending Rule Stop the Debt Trap: Stop the Debt Trap: …
More Than 100 House Members Send Letter Urging Strong CFPB Payday Rule
Members Applaud Bureau for First Step in Regulating Small-Dollar Lending Industry Washington, D.C.- Today, 104 House Members, led by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, sent a letter to the Consumer Financial Protection Bureau (CFPB) urging it to adopt a strong final payday lending rule and close loopholes that harm consumers. Congress gave the …
Los Angeles County Takes Stand Against Predatory Payday Lending Practices
Click here for the full blog post from California Reinvestment Coalition! Putting finishing touch on Pit of Despair- thanks to Americans for Financial Reform for sharing it! On Thursday, September 8th, the Chair of the LA County Board of Supervisors, Hilda L. Solis, hosted a press conference with LA community leaders where she talked about the financial harms caused by …
Payday Reform News: September 10-16
Highlights September 13, My News LA: Californians paying over $700 million in payday loan fees On September 12th, California’s Board of Supervisors unanimously voted to support reform for predatory lending practices, stating that borrowers in California are paying over $700 million on their loans each year, including fees. More Coverage: Los Angeles Wave: Payday Lenders May Face New Regulations Top …
Cities Demand the CFPB Strengthen the Payday Lending Rule
Cities around the country are passing resolutions telling the CFPB to strengthen its rule to rein in abuses by the payday lending industry. In Pennsylvania and New Jersey, municipalities are calling on their state capitals to stand strong against industry lobbyists, and want a stronger CFPB rule that protects their already strong state caps. Philadelphia, Pennsylvania Essex County, New Jersey …
Payday Reform News: September 3-9
Highlights: September 7, AZ Central: Our View: Why The Feds Must Regulate Payday Loans This is an editorial piece that stresses the need for the CFPB to take action on predatory lending, due to the harm it has caused to families and the local economy with many states’ current laws enabling these practices. The author urges Arizona state legislators to …
Payday Reform News: August 27-Sep 2
Highlights August 30, Arizona Capitol Times: Stop triple-digit interest rates for good This opinion piece from Diane Brown and Kelly Griffith recount Arizona’s 2008 ballot measure defeating the payday industry’s attempt to keep triple-digit interest rates legal in Arizona. It mentions PIRG’s August report showing 91% of consumer complaints on payday to the CFPB show evidence of the unaffordability of …
Payday Reform News: July 29-August 5
Highlight of the week: August 4, Wisconsin Public Radio: Rally Against Payday Loan And Vehicle-title Lenders More than 100 activists from across the nation rallied at a Milwaukee payday loan storefront earlier this week demanding the Consumer Financial Protection Bureau properly regulate payday and car-title lenders with high interest loans. Partner Blogs and Statements: August 4, National Council of La …
28 Senators call for CFPB to strengthen payday lending rule
28 Senators, led by Senators Brown Coons, Durbin, and Merkley, signed onto a letter in support of a strong final CFPB small-dollar lending rule. The detailed letter is a powerful call to the CFPB to strengthen its final rule and ensure that we stop the debt trap. Read the full letter. “We believe that the CFPB’s efforts will help to …
Rep. Waters Releases Report: Five Tactics Payday Lenders Use To Evade State Consumer Protection Laws
Representative Maxine Waters (D-CA), Ranking Member on the House Financial Services Committee, recently released a report exposing five tactics used by payday lenders to evade state consumer laws. Titled “Skirting The Law: Five Tactics Payday Lenders Use To Evade State Consumer Protection Laws,” the report highlights underscores the need for strong federal protections. For example: Ohio: Had previously enacted the …