Payday Loan Reform News September 2017


Payday Lenders Win Special Protections from Congress
September 15, PaymentsJournal
Faced with the opportunity to protect Americans from payday lenders and their 400 percent interest rate loans, a majority in the U.S. House of Representatives instead chose to side with America’s legalized loan sharks and give them special protections for their dangerous products.


Top Stories

Consumer advocates urge Congress to cap payday loan rates
September 20, CUInsight
Senate and House Legislation would end the payday lending debt trap.  The bill would protect consumers from predatory lenders by capping payday and car-title loans at no more than 36% annual percentage rate (APR).


Payday loans need to be reformed
September 20, Star Beacon
The Ohioans for Payday Loan Reform Coalition seeks to close loopholes in the Short-Term Loan Act of 2008 — which should have capped interest rates at 28 percent and set a $500 maximum loan limit and minimum 31-day payback window.


Payday lenders prey on vulnerable consumers
September 19, The Intelligencer
HR 3299/S 1642 would allow payday lenders or “non-banks” to ignore state interest rate caps and make high-rate loans.
Reposts: York Dispatch, Courier Times


Time to stand up to the paydays
September 18,
A constituent is writing to ask Sen. Mark Warner to use his position on the Senate Banking Committee to stop payday lenders from taking advantage of Virginians.


U.S. House okays gift to predatory payday lenders; only one NC Republican votes “no”
September 14, The Progressive Pulse
A vote in the U.S. House of Representatives to forbid the Consumer Financial Protection Bureau from…you guessed it…protecting consumers from financial abuse — in this case the 400% interest sharks in the “payday” loan business.


Leawood Payday Lending Mogul Scott Tucker Found Racing Success Before Fraud Allegations
September 11, KCUR 89.3
Payday lender Scott Tucker goes on trial this week in New York for what has been called one of the nation’s biggest cases of payday-lending fraud.