Highlights Democrats May Deny It, But This Bill Is A Handout To Payday Lenders November 16, Huffington Post Rep. Gwen Moore (D-Wis.) has a payday lending problem. On Tuesday, HuffPost published an article highlighting an obscure piece of legislation moving through Congress that would help payday lenders and other shady operators skirt predatory lending laws passed by state governments. It’s …
New Poll: Arizonans support Consumer Bureau’s Payday Lending Protections
Read the polling memo here. Four out of five Arizonans don’t like payday and car title lenders, and only 6% have a favorable opinion of them. That’s according to a new poll from Public Policy Polling, which found that the unfavorability of payday lenders stretched through partisan divides with 82% of Democrats, 79% of Republicans, and 80% of Independents. Fortunately, …
Payday Loan Reform News – November 10
Highlights Payday loans are predatory November 10, The Billings Gazette As a former U.S. Air Force air traffic controller for six years, I saw payday lenders prey on men and women in uniform. Financial distress is the top reason military personnel take their own lives. The Military Lending Act gave relief to active duty service members. Payday loans are prohibited …
Testing a Borrower’s Ability to Afford a Consumer Loan
A limit on loan payment size of 5% of income will not prevent borrower harm As federal and state lawmakers and regulators work to rein in harmful debt-trap payday lending, a few parties have recommended a solution that the overwhelming majority of consumer advocates and research organizations find to be unhelpful. Basing reform of abusive consumer lending on limiting the …
Senate Bill Could Let Payday Lenders Circumvent State Usury Laws
Consumers sound off on bills in Congress to allow payday lenders to partner with banks to circumvent state usury laws: In Pennsylvania’s Courier Times: House Resolution 3299 and Senate Resolution 1642 would allow payday lenders or “non-banks” to ignore state interest rate caps and make high-rate loans. If they pass, we would see vulnerable Pennsylvanians become prey to loans with …
Payday Loan Reform News – November 3
Highlights As OCC Steps Backward on Payday Lending Oversight, Banks Shouldn’t Follow November 2, Morning Consult Legalized loan sharking has various disguises: payday loans, car title loans, high-cost installment loans. Payday loans are usually made by a storefront on the corner or by a nonbank online lender, but until a 2013 federal intervention, a handful of banks were wading in …