Payday News January 13


January 13, The Register-Guard: Protecting the little guy
This editorial out of Oregon outlines the threats against the CFPB, mentions its action against payday lenders and supports its independence.

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January 12, Huffington Post: Trump Moves Closer To Gutting Elizabeth Warren’s Consumer Watchdog
Ben Walsh and Ryan Grim report that Trump spokesman Sean Spicer said that Trump is considering appointing former Rep. Randy Neugebauer of Texas to direct the CFPB if he “decides” to fire Richard Cordray. Neugebauer has opposed the payday lending rules and introduced a bill to weaken the CFPB.
More coverage: Common Dreams

January 12, National Law Review: Senate Democrats Question OCC’s Proposed FinTech Charters
This article describes objections to the OCC’s fintech charter from Senators Sherrod Brown and Jeff Merkley in the areas of charter shopping, financial inclusion, consumer protection and separation of banking and commerce.

January 11, The Baptist Standard: Editorial: Make your wishes known in Austin
The Editor of the Baptist Standard in Texas mentions payday lending reform as an issue people of faith have and should support in the Texas legislature.

January 11, Law360: CashCall To Pay $3M To Settle DC Payday Lending Suit
Payday loan servicer CashCall Inc., its owner and a subsidiary have agreed to pay nearly $3 million to resolve allegations they offered loans with illegally high interest rates while claiming to be shielded by tribal sovereign immunity, the District of Columbia's attorney general said Wednesday. 

January 11, Lincoln Journal Star: Senators propose limits on payday lenders
Two freshman Nebraska Senators, a Republican and a Democrat, have introduced a payday lending reform bill. Under the proposal, the effective APR on payday loans would be above 36% because of the fees payday lenders would be allowed to charge.
More coverage: Lincoln Journal StarSiouxland Public MediaNTV

January 11, Arlington Connection: Predatory Loans in the Crossfire
This article discusses reform efforts in Virginia on car-title loans, open-end lines of credit and internet loans.
More coverage: WCVE PBS

January 10, Lubbock Avalanche-Journal: Councilman Chadis looking to regulate payday lenders
A councilman in Lubbock, Texas is going to introduce an ordinance to regulate payday lending within the city that would limit the amount of payday and car title loans and how often they can be refinanced.

January 10: ABA Banking Journal House Dems to Trump: Don’t Fire Cordray
Coverage of a letter from House Democrats to Trump urging him not to fire Cordray mentions that they state that firing him should be seen as thwarting rules on payday lending and arbitration.
More coverage: National Mortgage NewsMorning ConsultMortgage Professional America

January 10, InsideARM: Senators Call on Trump to Fire Cordray
U.S. Senators Ben Sasse (R-NE) and Mike Lee (R-UT) urged the incoming administration to fire the Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray. 
More coverage: ABA Banking Journal

January 9, CFS Law Monitor: California Supreme Court Finds Two Payday Lenders Not Immune From State Lending Laws
This article lays out the legal case under the December 22 decision by the California Supreme Court finding that payday lenders failed to prove they were arms of Indian tribes.
More coverage: JDSupra

January 7, Dayton Daily News: Up to 591%: Ohio has highest APR on short term loans in U.S.
Coverage of proposed payday reform in Ohio includes discussion from a faith leader and history of reform attempts in the state.