Payday loans, though advertised as a quick fix to money problems, thrive off of stripping hard-earned money from the country’s most fiscally vulnerable populations, including Latino/as. Payday lenders target the Latino community, checkering neighborhoods with storefronts to trap unsuspecting consumers into cycles of debt, as maps of Florida cities show in the Center for Responsible Lending’s Perfect Storm report. Because …
Small Businesses Call on the CFPB to Protect Consumers
Predatory lending practices, like payday and car title lending, make small business owners like David Borris anxious because lenders drain hard-earned money from customers out of the community. Borris, owner of Hel’s Kitchen Catering in Illinois, says, “the success and well-being of a small business are inextricably tied to the success and welfare of its community. When consumers turn to …
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 …
New Poll: Ohio voters loathe payday lenders
A poll of Ohio voters released last week confirmed what we already knew: people really don’t like payday lenders, and really want regulation to protect themselves from the debt trap. See the full poll data here And read the COHHIO summary of the poll here The Coalition on Homelessness and Housing in Ohio (COHHIO) the poll, finding that 70% of …
We made a splash during Shark Week!
Cross posted from People’s Action. We’re making a splash to stop the payday debt trap. June 26-August 2 was Shark Week on the Discovery Channel. While millions tuned in to watch some of the fiercest predators in the sea, People’s Action Institute made a splash highlighting the loan sharks who stalk our communities, trapping families in an endless cycle of …
Senator Sherrod Brown calls for public to comment on the rule to rein in payday lenders
WARREN, OH – Senator Sherrod Brown (D-OH) met with community members, local service organizations, and former borrowers on June 27th to advocate for public action to help #StopTheDebtTrap caused by predatory lending. The CFPB has proposed a rule to crackdown on predatory lending, and comments submitted to the CFPB through September 14th will ensure a strong final rule. Senator Brown …
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 …