Highlight
Slate Belt rep puts the brakes on exploitative payday lending plan
June 25, Patriot News
The House Commerce Committee quietly put the brakes on a truly awful bill that would have opened the door to high-interest, storefront payday lending in Pennsylvania.
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Class turns to crass
June 25, Bucks County Courier Times
With consumer protections constantly under attack in Washington, D.C., it’s critical that state and local officials here in Pennsylvania do everything in their power to defend and promote much-needed consumer safeguards.
Payday lending in Calif. shrunk by almost 7% last year
June 22, American Banker
Californians relied less heavily on payday loans in 2017, according to new data that could reflect the state’s strong economy as well as recent changes in the structure of the small-dollar loan industry.
Convenience-cash store wants to relocate on University Street
June 21, Journal Star
The strip of convenience-cash businesses along University Street in Central Peoria isn’t gaining or losing a member. One of them just wants to move down the block. The city Development Review Board doesn’t want that to happen, but the Planning and Zoning Commission appears to have no problem with it. Final judgment is up to the City Council, which is expected to consider the Sun Loan Co. request next week.
Senate Democrats question if Trump nominee had role in child separation
June 21, Reuters
Two U.S. Senate Democrats have written to President Donald Trump’s nominee to head up the U.S. consumer watchdog agency, seeking documents to determine whether she had a role in the administration’s policy of separating immigrant children from their families.
More Coverage:
Elizabeth Warren blocks Trump’s pick for CFPB Director until release of Zero-Tolerance documents | Nation of Change
For a day, I was one of the millions of Americans without a bank account. It was humbling
June 21, LA Times
About 27% of U.S. households are either unbanked or underbanked, according to the Federal Deposit Insurance Corp. These households are more likely to be poor, less-educated, young, black or latino and pay a lot for financial fees, including cashing checks and taking out loans. Attempting to cash a check, buy a prepaid debit card, or taking out a medium sized loan is time consuming and costly for low-income consumers.
PA Rep. Heffley holds off on bill critics linked to payday lending
June 20, City & State Pennsylvania
State Rep. Doyle Heffley cancels scheduled Commerce Committee vote regarding.
Payday Lenders Lose Open Records Lawsuit
June 20, Courthouse News Service
A unanimous decision reversed a 2017 Georgia Court of Appeals ruling that government agencies are prohibited from releasing information to the public that is not required for disclosure under the Georgia Open Records Act.
More Coverage:
Payday lending group loses lawsuit over record release | Atlanta Journal-Constitution
Convenience-cash store wants to relocate on University Street
June 20, Journal Star
Sun Loan,one of the convenience-cash businesses along University Street in Central Peoria,IL, wants to relocate its office a few hundred feet from its current location. The new location south of the current one is larger, has more parking and is better designed for Sun Loan’s purposes, including safety, according to one of its executives.
Senate Democrats question if Trump nominee had role in child separation
June 19, Reuters
Senate Democrats Elizabeth Warren and Sherrod Brown have written to President Donald Trump’s nominee, Kathy Kraninger, to head up the U.S. consumer watchdog agency, seeking documents to determine whether she had a role in the administration’s policy of separating immigrant children from their families. The letter from the two Senators could drag Kraninger into the controversy over the administration’s policy of detaining children separated from their parents at the U.S.-Mexico border.
More Coverage:
Democratic Senators Ask If CFPB Nominee Worked on Immigration Policy Separating Children and Parents | RollCall
CFPB nominee Kathy Kraninger faces questions on her role in ‘zero tolerance’ immigration policy | LA Times
Trump’s CFPB nominee is facing questions about the immigration controversy | The Washington Post
Rep. Keeley becomes latest Delaware politician to announce retirement at end of term
June 19, WDEL
Delaware state Rep. Helene Keeley (D-South Wilmington) announced Tuesday she would not seek reelection at the culmination of her current term. The 53-year-old was first elected in 1996 and was one of just two female members of the House Democratic Caucus. Over 20 years, she’s represented Wilmington and Delaware as a whole in her championing of criminal justice reform, improving addition help, and combating human trafficking and predatory payday lending, a release detailing her decision described.
Rise Personal Loans 2018 Review
June 19, NerdWallet
Rise Credit is an online installment loan for bad-credit borrowers offered by Elevate, a Texas-based lending company.While its rates are lower than traditional payday lenders, Rise loans are an expensive way to get cash in an emergency. The company checks your credit with a hard credit pull when you apply, which can ding your score by a few points. NerdWallet recommends exploring all the alternatives outlined below before taking this loan.
Bills headed for state Senate would put limits on payday, auto-title lending
June 19, LA Times
State legislators killed a bill that would have reshaped much of California’s consumer lending market, but two more-modest bills made it through the state Assembly and now move on to the Senate. One would stop borrowers from taking out more than one payday loan at a time; another would cap interest rates on auto-title loans. Both will be taken up by the Senate banking committee. Lenders say the bills would make it harder for Californians with bad credit to get emergency loans or would push those borrowers to unregulated lenders.