Payday News December 17-22


December 21, Real Estate Rama:  Don’t Let Payday Loans Turn Your Holiday Dreams Into A Nightmare
This consumer warning piece quotes the president of Woodstock Institute, uses the material about what holiday toys would cost if bought with payday loans and promotes a strong payday rule from the CFPB.
More Coverage:
Taos News: 
Be mindful of the Darker Side of Holidays
WIBQ: Avoiding Post-Holiday Credit Card Blues
News-Leader: Pokin Around: Christmas shopping payday loan style

Top Stories

December 21, NYTimes: An Avoidable Crash in Car Loans
This opinion piece from the editorial board of the NYTimes focuses on the CFPB’s inability to regulate auto loans, but mentions payday lending as an area where the CFPB can and should regulate.

December 20, Town of Paradise Valley Independent:  Brown: consumer protections, protectors need to remain in place
This opinion piece from Diane E. Brown, executive director of the Arizona Public Interest Research Group, calls for Congress to keep their hands off the CFPB and the payday rule.

December 20, The Pitch: Kansas payday lender QC Holdings crops up in New Mexico attorney general’s probe
This article reports that a New Mexico cabinet member resigned abruptly after being questioned for depositing $48,000 in her bank account from payday lender QC Holdings. Counsel for the payday lender said the payment was for rent, but no evidence could be found that the official has been a landlord for a QC Holding shop.
More coverage: 
The Taos News

December 19, JDSupra: CFPB Issues Consent Order Against Moneytree for Deceptive Practices
This article reports that On December 16, 2016, the Consumer Financial Protection Bureau (CFPB) and Moneytree, Inc., which offers payday loans and other financial services, entered into a consent order that requires Moneytree to pay approximately $255,000 in restitution to consumers and to pay an additional civil money penalty of $250,000. The consent order concerns the CFPB’s allegations that Moneytree issued deceptive advertisements and collection letters and that it failed to obtain consumer authorization before withdrawing money from consumer accounts.
More coverage:  
Seattle Times

December 16, Kansas City Star: FTC sues Joel Tucker, brother of Leawood payday loan magnate, for selling fake debt 
This article reports that the Federal Trade Commission has accused Johnson County businessman Joel Tucker in a lawsuit of selling counterfeit debt portfolios to collection agencies and causing consumers to pay up on loans they did not owe.

December 16, The Press Democrat: Payday lenders concentrated in poor ZIP codes
This article describes a report issued by California’s Department of Business Oversight, which shows payday stores in the state are located in poor areas of the state. It quotes consumer advocates calling for more reform of the practice and the industry defending its product.
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