Payday Loan Reform News – June 18

  Highlight   Federal judge rejects CFPB’s effort to halt payday rule June 13, American Banker A federal court dealt a blow to efforts by the Consumer Financial Protection Bureau to slow down the agency’s payday lending rule. U.S. District Judge Lee Yeakel on Tuesday denied the request by acting CFPB Director Mick Mulvaney that the court delay the payday …

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 …

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 …

Payday Loan Reform News – November 17

Highlights Democrats May Deny It, But This Bill Is A Handout To Payday Lenders November 16, Huffington Post Rep. Gwen Moore (D-Wis.) has a payday lending problem. On Tuesday, HuffPost published an article highlighting an obscure piece of legislation moving through Congress that would help payday lenders and other shady operators skirt predatory lending laws passed by state governments. It’s …

Payday Loan Reform News – November 10

Highlights Payday loans are predatory November 10, The Billings Gazette As a former U.S. Air Force air traffic controller for six years, I saw payday lenders prey on men and women in uniform. Financial distress is the top reason military personnel take their own lives. The Military Lending Act gave relief to active duty service members. Payday loans are prohibited …

Senate Bill Could Let Payday Lenders Circumvent State Usury Laws

Consumers sound off on bills in Congress to allow payday lenders to partner with banks to circumvent state usury laws: In Pennsylvania’s Courier Times: House Resolution 3299 and Senate Resolution 1642 would allow payday lenders or “non-banks” to ignore state interest rate caps and make high-rate loans. If they pass, we would see vulnerable Pennsylvanians become prey to loans with …

Payday Loans Reform News – October 30

  Highlights The Little Guys Win One on Payday Loans October 23, New York Times Since the federal Consumer Financial Protection Bureau opened its doors in 2011, the agency’s investigations and enforcement actions have returned more than $12 billion to auto buyers, homeowners, credit-card holders and other borrowers who were victimized by deceptive or predatory practices. Consumers who have been …