Payday in the News – Nov 20th – Dec 2nd


November 26, Casper Star Tribune: Barron: Protecting the Consumer
This editorial piece written by a Wyoming resident voices the need for a stronger payday rule, and discusses the CFPB’s efforts to address payday lending on a federal level.

Partner Blogs and Releases:

Campaign for America’s Future: This Doesn’t Sound Like Our Voice

Top Stories:
December 2, Aberdeen News: At Least One Payday Loan Business in Aberdeen to Close
Following the recent ballot measure capping interest rates at 36%, at least one payday lender in Aberdeen, South Dakota will close.

December 1, The Blade: Toledo Mulls Limiting Payday Loan Firms
The city of Toledo plan to crack down on payday lenders after many residents have become victims of payday lenders.

November 30, Four States Home Page: Missouri Lawmakers Gear Up for 2017 Missouri Legislative Session
Missouri State Representative Charlie Davis has stated that he wants to enforce limits on payday lenders, stating that many payday loan borrowers are not properly informed of the provisions that they are agreeing to when taking out a loan.

November 29, Christian Science Monitor: President-Elect Trump, Save the CFPB
This article explains the various issues facing the financial services industry and consumer protection, as well as the impact the CFPB has had on these issues.

November 29, JD Supra: Massachusetts Division of Banks Announces Return of $2.3 Million to Consumers Under Settlement with Payday Lender
Following a settlement with Western Sky Financial, who operated out of South Dakota and provided online loans to Massachusetts residents, consumers are receiving a total of $2.3 million that they previously lost.
Massachusetts Division of Banks Announces Return of $2.3 Million to Consumers Under Settlement with Payday Lender
Repost: New England In-House | Goodwin Law
More Coverage:
Banker and Tradesman: MA Consumer Claim $2.3M in Settlement with Predatory Lenders

November 29, Pay Before: Georgia High Court Rules Against Payday Lenders
Georgia’s Supreme Court has ruled that three payday lending companies, Western Sky Financial, CashCall, and Delbert Services illegally charged exorbitant interest rates on payday loans.

November 28, Arkansas Business: Truth in Lending (Editorial)
This editorial discusses the status of the payday lending rule in Arkansas, mentioning that former Attorney General Dustin McDaniel imposed a usury cap that was later challenged by payday lender CashMax Loan Services.

November 28, LA Sentinel: What Will You Lose if Consumer Financial Protection Goes Away?
This article explores the various ways in which consumer protection may be affected by the outcomes of the recent election.
Reposts: Philadelphia Tribune | Chicago Crusader | Dallas Examiner | Winston-Salem Chronicle | The Skanner

November 27, The Detroit News: A Plea Not to Send Watchdog to Slaughter
The author explains the opposing views on the CFPB, the need for financial regulation and consumer protection, and highlights some of its accomplishments.

November 26, Greeley Tribune: Action Line: Resident Asks About Abandoned Car, BBB Warns of Veteran Scam
The author of this article warns readers of the false advertising and scams that payday lenders, among other types of predatory lenders, employ to attract borrowers – specifically veterans.

November 23, Waco Trib: Person of the Year: Engaging City Councilman Dillon Meek Embraces Work to Improve Life in Waco
Waco City Councilman Dillon Meek has had many personal and professional accomplishments this year, including advocating for an ordinance setting restrictions on payday lending that was passed by the city council.

November 22, Voice & Viewpoint: What Will You Lose if Consumer Financial Protection Goes Away?
This article explores the various ways in which consumer protection may be affected by the outcomes of the recent election.
More coverage:
LA Times: The Future Isn’t Bright for Highly Successful Consumer Watchdog
Federal Times: President-Elect Trump, Save the CFPB
Repost: Midland Reporter Telegram | Pittsburgh Courier

November 22, Yahoo: Pennsylvania Banking and Securities Department Urges Consumers to Avoid Deceptive, Expensive ‘Easy Money’ Loans
The Pennsylvania Banking and Securities Department warns citizens of the dangers and false advertising of certain alternative financial services such as payday lending.

November 21, The Roanoke Times: Cabiness: Crack Down on Payday Lenders
This editorial piece advocates for payday lending reform and explains the harmful practices of payday lenders.

November 21, Reuters: CFPB Can Pursue Middleman for Payday Lenders, Federal Judge Rules
A Los Angeles federal judge recently ruled that the CFPB has the ability to pursue a lawsuit against a middleman in California who has been finding customers for payday lenders.

November 21, Augusta Free Press: Attorney General Completes Reorganization, Expansion of Consumer Protection Operation
Attorney General Mark Herring recently announced that he has expanded and reorganized his Consumer Protection Section to protect Virginians from predatory practices, including payday lending.
More Coverage:
The Virginian Pilot: State Attorney General Expands its Consumer Protection Section

November 21, For Underbanked, Higher Fees and Auto Payments
A recent study reports that payday lending usage decreased by about 23 percent last year, including storefront and online lending.
More coverage: PYMNTS Daily Data Dive: Higher Bank Fees For Underserved
Low Financially “Underserved” Americans Pay $141 Billion Annually in Interest and Fees

November 20, Palm Beach Post: Do You Need a Checking Account to Have Good Credit?
This article discusses the various costs of not having a checking account, including the possibility of being taken advantage of by payday lenders if you fall into a debt trap.

November 20, Denver Post: CFPB Wants to Know How Your Financial Data is Shared
The CFPB is asking consumers to provide information on how financial service institutions are sharing financial data with their consumers.