Payday Loans Reform News – October 30

  Highlights The Little Guys Win One on Payday Loans October 23, New York Times Since the federal Consumer Financial Protection Bureau opened its doors in 2011, the agency’s investigations and enforcement actions have returned more than $12 billion to auto buyers, homeowners, credit-card holders and other borrowers who were victimized by deceptive or predatory practices. Consumers who have been …

Dear Payday Lenders, Maine Just Isn’t That Into You

Read the polling memo here. According to a new poll, only 6% of Maine residents think of payday lenders positively, and most support payday lending reform. There are more Mainers who dislike the New England Patriots than Mainers who oppose reforming payday loans. These sentiments reach across the partisan divide, as 76% of Trump voters and 86% of Clinton voters …

The Nation Responds to New CFPB Payday Protections

Last week, the Consumer Financial Protection Bureau released their final rule regarding payday lending. This rule is the culmination of years of work by local and state advocate who fought each and every day to help Stop The Debt Trap. Here is a recap of the this past week’s highlights.   Taking the Media by Storm Consumer advocates were quoted …

Payday Loan Reform News – October 11

Highlights Regulations Targeting Payday Lenders are Necessary: Regulations Can Do an Awful Lot of Good October 11, Tulsa World Federal regulators rolled out a long-awaited set of new rules for payday lenders last week, including a measure designed to prevent predatory companies from trapping poor people in debt they have no hope of ever repaying. Proposed Federal Rules Would Put …

OCC Opens Door For Abusive Bank Payday Lending

Agency decision to rescind bank payday guidance draws criticism from more than 100 faith leaders, consumer advocates, civil rights organizations across U.S. WASHINGTON, D.C. – One day after the Office of the Comptroller of the Currency (OCC) rescinded its 2013 guidance to curb predatory bank payday loans, more than 100 faith leaders, consumer advocates, and civil rights organizations from across …

America Responds to CFPB’s Payday Lending Rule

Groups around the country are responding to the Consumer Financial Protection Bureau’s proposed rule. Here is what many of them have to say: Stop The Debt Trap Coalition Joint Statement: CFPB Payday Lending Rule Will Disrupt Abusive Lending, Protect Families From Financial Predators AUDIO: Listen to the coalition press call here. FACT SHEET: Fact sheet summary available here. National Groups: …

CFPB Payday Lending Rule Will Disrupt Abusive Lending, Protect Families From Financial Predators

Consumer, Civil Rights Advocates Welcome Key First Step to Stopping the Debt Trap, Promise to Keep Up the Fight WASHINGTON, D.C. – Today, consumer and civil rights advocates from around the country representing the Stop the Debt Trap campaign welcomed the Consumer Financial Protection Bureau’s (CFPB) new rule to limit short-term payday and car-title lenders’ ability to trap borrowers in …

Payday Loan Reform News – October 2

Highlight: Guest opinion: Montana's payday lending law at risk in Congress September 29, Billings Gazette Payday loans continue to ensnare their communities in cycles of debt with false promises of fast cash. The Consumer Financial Protection Bureau has been reining in these loans when they break the law and is planning to release further protections for borrowers of these loans, …