Payday News December 31-January 6


January 4, St. Louis American: What will you lose if you lose consumer financial protection?
CRL’s Charlene Crowell discusses the threats to the Consumer Financial Protection Bureau and the benefits it has brought to consumers during its existence.
More Coverage: 
Morning Consult: 
Time to Stand Up for Federal Agency That Delivers on Its Promises
Common Dreams: Consumer Bureau Under Attack

Partner Releases and Blogposts

Center for Responsible Lending: California Supreme Court Is Right To Rule Against Payday Lenders Claiming Tribal Sovereignty

National Council of La Raza: Chartering “Fintechs” Puts Consumers at Risk

Americans for Financial Reform: CFPB Stops Payday Lender from Deceiving Customers and Making Unauthorized Withdrawals from their Bank Accounts

Top Stories

January 5, The Plain Dealer: Speaker Cliff Rosenberger better not be MIA against Ohio payday-loan gougers: Brent Larkin
Commentary by Brent Larkin urges the Ohio legislature to take action on proposed payday lending reform. It includes a history of the issue since voters passed a rate cap in 2008.
And the Akron Beacon Journal editorial board is also 
asking for action.
More coverage: 
News 5

January 5, News 5 Cleveland: Former employee explains how payday loans really work
A former employee of a payday lender quit the business because he was tired of hurting people.

January 5, Reuters: With one bill, Republicans fast track plan to undo Obama regs
The US House passed legislation that would allow them to kill recently enacted regulations in one vote rather than piecemeal. The article mentions the proposed payday lending rule as one regulation Republicans particularly dislike.

January 5, Southeast Missourian: New Year, New Budget
This consumer advice column warns people to stay away from payday loans as they do their new year budgeting.

January 3, American Banker: Another Blow to Online Payday Lenders, This One from Calif. Court
California’s highest court ruled that lenders affiliated with Native American tribes are not entitled to sovereign immunity and must comply with state interest rate caps. It marks the latest triumph for consumer groups and state governments that have sought to rein in high-cost consumer lenders.
More coverage: 
JD Supra

January 3, Missourinet: Missouri Bill Aims to Change Regulations for Payday Lending Industry
A Republican Missouri legislator is proposing a bill that would limit payday lenders to making only two loans to customers instead of the current six in his attempt to stop the debt trap.

January 2, WFPL: Payday Lenders In Kentucky Made $117 Million In Fees In 2015
Payday lenders in Kentucky made $117 million in fees in 2015. That’s from the $68 million they lent out, according to a new report from the bipartisan Task Force On Vulnerable Kentuckians.

January 1, Business Insider: Trump's presidency is going to hurt Americans' wallets in a big way
This article mentions payday lending reform as one of the consumer protections that is likely to go by the wayside under a Trump administration.

December 31, Argus Leader: Whitney: Farewell to Badlands Pawn
This article profiles a payday lender who is shutting down in Sioux Falls, South Dakota in the wake of the November 8 ballot that capped interest rates at 36% annually.

More coverage: KDLT NewsArgus LeaderThe Brookings RegisterSioux City Journal