Insights from States That Stopped Predatory Payday Lending

ICYMI: Powerhouse panel discussion with community leaders and policy experts from states who have passed the 36% limit on payday loans. Bonus! Keep watching to see the documentary “Let my People Go: South Dakotans Stop Predatory Payday Lending” which recounts the story of that battle to regulate payday loans in South Dakota. Watch now.

Community, Consumer, Civil Rights, Faith and Small Business Organizations Strongly Oppose the FDIC’s Proposed Rule on Federal Interest Rates

Download the full letter. February 4, 2020 The Honorable Jelena McWilliams Chairman Federal Deposit Insurance Corporation 1776 F Street, NW Washington, DC 20006 Delivered electronically via email Re: Comments on FDIC Notice of Proposed Rulemaking, Federal Interest Rate Authority, 12 CFR Part 331, RIN-3064-AF21 Dear Chairman McWilliams, The undersigned community, consumer, civil rights, faith and small business organizations write to …

As Congress Shines Light on Rent-a-bank Schemes, 100+ Groups Urge FDIC to Rescind Plan that Facilitates their Spread

For Immediate Release: February 5, 2020 Contact: Jessinia Brooks, 212-574-3415, jessinia.brooks@berlinrosen.com As Congress Shines Light on Rent-a-bank Schemes, 100+ Groups Urge FDIC to Rescind Plan that Facilitates their Spread Watch hearing on the topic in the House Financial Services Committee Banking agency that currently allows “rent-a-bank” schemes with triple digit interest loans that evade state laws poised to make them …

OCC Proposal Could Greenlight Predatory Lending Schemes

Broad coalition strongly rebukes proposed rule that would facilitate triple-digit interest “rent-a-bank” loans that evade state usury laws Washington, DC – A coalition of more than 100 organizations, including civil rights, consumer, faith, and small business groups, yesterday submitted a public comment in opposition to a proposed rule from the Office of the Comptroller of the Currency (OCC) that would …

400+ Organizations Urge CFPB: Stop Attack on Payday Lending Protections

Stop the Debt Trap Coalition Letter Opposes the CFPB’s Proposal to Gut Consumer Protections on Predatory Payday Loans Washington, DC – Over 420 civil rights, consumer, labor, faith, veterans, elder, business, and community organizations from 46 states, plus the District of Columbia, in an official comment letter registered strong opposition to the Consumer Financial Protection Bureau’s (CFPB) proposal to gut …

Advocates from States That Ban Predatory Payday Lending Emphatically Oppose CFPB’s Proposal to Gut Federal Rule

FOR IMMEDIATE RELEASE CONTACT: Sarah Ludwig or Andy Morrison, 212-680-5100 Listen to press briefing: WASHINGTON, D.C. – Today advocates from states across the country that ban predatory payday lending voiced strong opposition to the Consumer Financial Protection Bureau (CFPB)’s actions to gut federal rules to curb predatory payday lending.  On a telephone briefing this morning and in comment letters submitted …

Act now! Tell CFPB to Keep Protections from Payday Loan Debt Traps

Download the Call to Action In early February 2019, the current Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger released a proposal to gut the CFPB’s 2017 rule aimed at stopping payday and car title loans from trapping people in debt. Director Kraninger’s plan would repeal the heart of the 2017 payday rule, which generally requires that lenders determine a …

FDIC Should Prevent High-Cost Bank Loans and Stop Rent-a-Bank Schemes

WASHINGTON, D.C. – Today, 88 organizations from The Stop the Debt Trap campaign, a coalition of state and national consumer, civil rights, faith, seniors’, labor, and other groups, submitted a comment to the Federal Deposit Insurance Corp. (FDIC) urging the agency’s leadership not to support unaffordable bank loans above a 36% annual percentage rate (APR), to require underwriting that considers …