Payday Loan Reform News – October 2

Highlight   Protect the Military Lending Act September 20, The Hill Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney has vowed to end proactive oversight of payday lenders and other predatory lenders, accusing his own agency’s supervisors of being “overly aggressive.” The MLA’s protections include clear-cut guidelines for bank and non-bank lenders. Among them, lenders can’t charge service members …

Payday Loan Reform News – August 6

Highlight A Gallery of Deregulators August 3, Jacobin The Office of the Comptroller of the Currency (OCC), which grants federal charters to banks, began accepting applications on Tuesday from financial technological (or “fintech”) firms like robo-stock advisors such as Betterment or lenders like SoFi or Lending Club. Other News Kristen Gillibrand Has an Ambitious Plan to Take on Payday Lenders: …

Payday Loan Reform News – July 30

    Online Lending Needs More Regulation: New York Regulator July 30, Bloomberg Online lenders should face stricter rules and oversight, according to a recent report from the New York Department of Financial Services (NYDFS). Despite a suspect nominee, CFPB can still protect consumers July 26, The Hill The Senate Banking Committee conducted a confirmation hearing for Consumer Financial Protection …

Payday Loan Reform News – July 23

Highlight Trump’s Pick for CFPB Dodges Senators’ Policy, Budget Questions July 19, Bloomberg President Donald Trump’s nominee to lead the Consumer Financial Protection Bureau dodged most questions about her policy priorities and plans for cutting the bureau’s budget at a contentious July 19 confirmation hearing. Other News The Structural Biases Behind Financial Lending Won’t Stop Until We Start Speaking Out …

Payday Loan Reform News – July 9

Highlight Trump Administration War on CFPB Is Bad News for Communities of Color July 7, Common Dreams Two years into the Trump administration, communities of color — and anyone using financial products, for that matter – are losing hope of finding an independent, dogged champion in Trump’s iteration of the Consumer Financial Protection Bureau. A brain-child of Senator Elizabeth Warren, …

Payday Loan Reform News – July 2

Highlight   AG Joins Effort To Fight Legislation Terminating States’ Ability To Prevent Abusive Lending Practices June 28, Los Alamos Daily Post The coalition of 20 AG’s sent a letter to leadership in the U.S. Senate expressing their opposition to the proposed legislation, which would invalidate the States’ ability to limit interest rates on payday and other high interest loans, …

Payday Loan Reform News – June 26

  Highlight   Slate Belt rep puts the brakes on exploitative payday lending plan June 25, Patriot News The House Commerce Committee quietly put the brakes on a truly awful bill that would have opened the door to high-interest, storefront payday lending in Pennsylvania.   More News   Class turns to crass June 25, Bucks County Courier Times With consumer …

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 …