CONTACT:Mike Litt, U.S. PIRG Education Fund Office: (202) 461-3830 Cell: (702) 427-1608mlitt@pirg.org Report: Analysis of Payday Complaints Reveals Need for Stronger Federal Protections Washington, D.C. – Consumer complaints about payday loans to the Consumer Financial Protection Bureau (CFPB) show a critical need for strengthening the agency’s proposed rule to rein in payday loans and other high-cost lending, according to a …
Predatory Lenders Plot to Sabotage New CFPB Rules
by Amit Narang, Public Citizen A couple weeks ago, VICE did some incredible and shocking reporting about an attempt by the predatory payday lending industry to sabotage proposed rules designed to finally rein-in industry practices that have ruined lives by trapping far too many Americans into endless cycles of debt. Payday lenders take advantage of consumers by charging astronomical interest …
Payday Reform News: August 19-26
August 19, Progressive Pulse, NC POLICY WATCH: Today’s “must read”: How a progressive stance on one issue is saving NC residents more than $450 million per year This blog post summarizes CRL’s research showing that state’s without payday lending save $2.2 billion per year. Evidence from CRL and others shows that borrowers in these states find alternatives that are cheaper, …
Payday Reform News: August 13-19
Highlight: August 17, North Dallas Gazette: Faith Leaders Call for End to Abusive Payday Lending Practices This article summarizes the opinions of faith leaders on the CFPB rule regarding payday. The author mainly focuses on the faith leader’s joint criticism of the rules many loopholes. The author focuses on the 6-loan loophole for the majority of the article, as faith …
Payday Reform News: August 6-12
Highlight of the week: August 11, Christianity Today: The Ordinance – a new documentary film co-produced by Deidox Films and Christianity Today Check out this exclusive free video premiere of how clergy in Texas took on a billion-dollar industry that preyed upon the poor. When the State of Texas did not enact rate cap reform, churches stood up to advance …
Payday Reform News: July 29-August 5
Highlight of the week: August 4, Wisconsin Public Radio: Rally Against Payday Loan And Vehicle-title Lenders More than 100 activists from across the nation rallied at a Milwaukee payday loan storefront earlier this week demanding the Consumer Financial Protection Bureau properly regulate payday and car-title lenders with high interest loans. Partner Blogs and Statements: August 4, National Council of La …