Highlights
September 13, My News LA: Californians paying over $700 million in payday loan fees
On September 12th, California’s Board of Supervisors unanimously voted to support reform for predatory lending practices, stating that borrowers in California are paying over $700 million on their loans each year, including fees.
More Coverage:
Los Angeles Wave: Payday Lenders May Face New Regulations
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September 14, Bangor Daily News Maine: Payday Lenders Prey On Vulnerable Mainers. Robust Federal Rules Can Curb These Debt Traps.
The author of this article warns readers of predatory lending practices in Maine, and explains how they are deceiving, and advocates for stronger regulations against payday lenders.
September 15, St Louis Business Journal: Missouri Regulators Disallow Utility Payments at Payday Lenders
The Missouri Public Service Commission has recently implemented a ban against utility companies from accepting payments via payday lenders. Kansas City Power and Light Co., as well as Laclede Gas, have opposed this law.
More coverage:
St. Louis American: The Missouri Public Service Commission Kicks Payday Lenders Off Utility Pay Stations
September 15, The Westside Gazette: Consumer Financial Protection Bureau Wins Court Case Against CashCall
This article summarizes of the court case that the CFPB won against CashCall, a predatory lender based in California, and how it supports and influences the current campaign against payday loans.
More Coverage:
Black Press USA: Consumer Financial Protection Bureau Wins Court Case against Cash Call
September 13, Voice and Viewpoint: Consumer Financial Protection Bureau Wins Court Case against CashCall
September 15, Daytona Times: Consumer Agency Wins Lawsuit Against CashCall
September 15, South Florida Times: Payday Lender, CashCall, Suffers Defeat in Federal Court
September 14, St. Louis American: Shark-Free Savings
This article focuses on the ways that “shark-free” states have benefitted from the absence of payday lenders, primarily by saving consumers an exorbitant amount of money.
September 14, Herald Net: Editorial: Stronger Rules Needed on Payday Loans
This editorial piece advocates the need for reform on payday lending. Highlighting research released from the Washington PIRG, and the near 10,000 complaints they received from payday borrowers. The author also stresses the need to address the loopholes in the CFPB’s proposal.
September 14, Jackson Free Press: Banking on Justice: Climbing Out of Poverty in the Mississippi Delta
This article uses Katie Alexander’s story to exemplify low-income living in the Delta. Finding herself in financial hardship, she took financial literacy courses, which warned students not to take out payday loans. Another resident, Latasha Coleman, took the classes and even after pledging not to take out payday loans, eventually had to.
September 13, The Times Tribune: CFPB Actions Prove Value
This editorial piece praises the CFPB for both winning the case against CashCall, as well as catching the illegal practices at Wells Fargo. Because of actions taken by the CFPB, payday lenders must now comply with state usury laws.
September 13, Ahwahtukee Foothills News: Complain to consumer protection agency to finally stop payday loans
Although Arizona’s government has taken measures to stop predatory loans, it is still facing lobbyists who want triple-digit interest rates to return. The Arizona PIRG Education Fund collected nearly 10,000 complaints regarding the impact of predatory lending, including stories from all over the US.
September 12, Workday Minnesota: Campaigns for $15 Calls Out Corporations, Demands Action By City
Minneapolis workers led a strike to push for a minimum wage raise to $15. Reverend Paul Slack, the president of the faith-based organization ISAIAH, explained that people not making a living wage don’t have enough money to afford emergency situations, and therefore are more vulnerable to payday lending.
September 12, Public News Service: Rock Band Brings a Message About Money to Maryland Kids
As part of the Funding the Future Program, the rock band Gooding is delivering an important message to younger audiences about the importance of financial literacy at their shows. They are advising kids to save money and to avoid taking out payday loans.
More Coverage:
WSJM Radio: Rock Band Teaches Financial Literacy to MI High School Kids
September 9, Orlando Sentinel: Payday Loan Reform
A letter to the editor from the Florida Alliance for Consumer Protection thanks the Orlando Sentinel for its recent editorial in favor of the CFPB rule, but takes issue with a loophole the editorial supports.
Partner Blog Posts and Press Releases:
September 11, U.S. PIRG: Wall Street Ramps Up Attacks On Wall Street Reform
According to the author of this blog, a recent proposal from Wall Street, dubbed the “Financial Choice Act”, would counter several principles of the Dodd-Frank Act. Specifically, one of the provisions of the Financial Choice Act would allow states to delay costly reforms to payday lending, as well as terminate regulation regarding auto finance.
Stop The Debt Trap: Cities Demand the CFPB Strengthen the Payday Lending Rule
A running list of municipalities that have passed resolutions calling on the CFPB to strengthen its payday lending rule.