Payday News, week of January 15, 2016

February 2016 Sojourners How to Practice Safe Banking Advertised as “EZ Cash” and “24-7 Finance,” the perils of payday loans, with exorbitant interest rates upward of 300 percent, trap households in long-term debt. January 15, 2016 The Digital Universe Orem lawmaker continues proposals to reign in payday lenders An Orem lawmaker continues to push measures that regulate payday lending firms …

Payday News, December 11-22

December 21 CBS Dallas-Forth Worth New Ordinance In Mequite For Payday Lending Companies Mesquite joins 29 other Texas cities to pass ordinances regulating payday and title loans. For more coverage: NBC Dallas-Forth Worth | Mesquite Approves New Policies for Payday Lenders December 21 Connecticut Post Connecticut probes Oklahoma tribe’s payday loan businesses The state Department of Banking is investigating small …

Payday News, to December 12

December 8 Waco Tribune Payday lending limits win public support, head to Waco council A draft ordinance to regulate payday and auto title lenders is headed for the Waco City Council next month after it won strong support at a public meeting Tuesday. December 7 Waco Tribune Waco wants public input on ‘predatory’ payday lending law The public is invited …

Payday News Stories, Week Ending December 3rd, 2015

November 30 Business First Ohio payday lender cuts jobs, blames new regulations The payday lending business Community Choice Financial Inc. claims to be letting go of employees due to impending restrictions on the industry. November 20 The Nation Payday Lenders Keep Evading Their Regulators. Can Anyone Stop Them? The article highlights how loopholes in payday lending regulations allow lenders to …

Payday News Stories, Week of November 20, 2015

November 18 Portsmouth Daily Times Brown comes out against predatory loans Ohio Senator Sherrod Brown comes out against predatory payday and car title lenders. For more coverage: November 18 | Cleveland.com | With more payday lenders than McDonald’s, a crackdown is needed now, U.S. Sen. Sherrod Brown says November 18 The Dallas Weekly Ohioans Lose over $500 million to Payday …

Purdue students standing over the Pit of Despair

The Pit of Despair Opens Up in Indianapolis

At Purdue University’s Indianapolis campus, the Sociology Club of IUPUI and the U.S. Public Interest Research Group asked students what they thought of the hundreds of payday lenders that checker their state, ensnaring their neighbors with an average annual interest rate of 391%, according to a report from National People’s Action. At those rates, payday, car-title, and high-cost installment loans …

Payday News Stories, Weeks of November 7 and 14, 2015

October 29 Ballard Spahr LLP Commerce Clause Does Not Prevent Minnesota from Regulating Internet Loans Made to State Residents, Minnesota Supreme Court Rules The Minnesota Supreme Court recently ruled that the U.S. Constitution does not prevent the state from upholding its payday lending law in cases where online loans completed in Delaware were made to Minnesotan residents. October 31 Springfield …