At a September 22 roundtable in Los Angeles, CA, Representative Linda Sánchez (CA-38) joined community leaders to discuss the impact of predatory payday lending. Local consumers shared their experiences being caught in the “debt trap” created by payday loans. Rep. Sánchez endorsed a push by the Consumer Financial Protection Bureau to put in place rules to curb the worst payday lending abuses. In California, …
Payday News Stories, Week of September 25, 2015
September 16, 2015 Argus Leader Online Payday loan critic: Group collecting invalid signatures September 17, 2015 Investors.com Investor’s Business Daily Online September 17, 2015 CU Today Payday Loans Bad Enough, But FTC Shutters ‘Phantom’ Payday Collections September 18, 2015 Federal Trade Commission FTC Returns Money to Online Payday Loan Applicants; Scammers Debited Their Bank Accounts Without Their Consent September 18, …
Payday News Stories, Week of September 18, 2015
September 9, 2015 Office of the Attorney General, DC.gov AG Sues to Stop Debt-Purchasing Company from Collecting on Ultra-High-Interest Loans to District Consumers September 11, 2015 Washington Post VA AG Mark Herring vows to crack down more on car title loan companies September 12, 2015 The Daily Times Online Attorneys will offer free advice at San Juan County Legal Fair …
Forward through Ferguson on Predatory Lending
The recently released Ferguson Report emphasizes the negative impacts of predatory lending on neighborhoods like Ferguson, Missouri: While low wages make it difficult to escape poverty, predatory lending often makes poverty worse. Low-income households in Missouri with limited access to credit frequently seek high-cost “payday” loans to handle increased or unexpected emergency expenditures. These lenders, who are often the only …
Jewish Leaders Urge CFPB to Act on Predatory Payday Loans
By Rachel Anderson As the Jewish High Holy Days begin with Rosh Hashanah, members representing 15 different organizations working in the Jewish Community met with Consumer Financial Protection Bureau Director Richard Cordray to deliver a letter and ask the Bureau to put out strong rules that stop the debt trap created by abusive payday loans. Faith leaders are particularly troubled …