Highlight
In a hard fought battle where out-of-state predatory lenders spent over $3 million on advertising and confusion, South Dakotans overwhelmingly voted to put a 36% state rate cap on payday and car title loans, joining 14 other states that have similar caps:
November 9, SDPB Radio: Voters Approve Payday Lending Rate Cap
Steve Hildebrand, who has been a leader in the rate cap campaign in South Dakota, comments on the win on Initiated Measure 21.
More Coverage:
Argus Leader: Chuck Brennan on Payday Lending Measure: We Are Not Closing
KELO: Correction: Loan Cap Takes Effect November 16
Argus Leader: Voters Back Cap on Payday Loans
Rapid City Journal: Voters Cap Payday Loans; 2 Government Reform Measures Fail
American Banker: South Dakota Approves 36% Rate Cap on Payday Lenders
KFSY: South Dakota Voters Approve Interest Rate Cap on Payday Loans
News & Observer: GOP Hold on South Dakota, Deepens with Election Sweep
Miami Herald: GOP Hold on South Dakota, Deepens with Election Sweep
Truth-Out: Modest Wins for Minimum Wage, Huge Gains for Legalization, Amid Shock GOP Wave
Sioux Land Matters.com: South Dakota Voters Reject Teen Minimum Wage, Cap Payday Loans
Aberdeen News: Voters Cap Payday Loans; 2 Government Reform Measures Fail
Capital Journal: Voters Cap Payday Loans, Approve Crime Victim Rights
Aberdeen News: South Dakotans Decide Ballot Measures
KOTA TV: What’s Next for Payday Loan Interest Rates in South Dakota?
Rapid City Journal: Voters Approved Crime Victim Notification and Higher Minimum Wage for Youths
Courthouse News Service: S.D. Caps Payday Loan Interest Rates at 36%
KOTA: Reaction to Payday Loan Cap, Initiated Measure 21 Passes
Times Union: The Latest: Voters Dispatch Nonpartisan Elections Amendment
News & Observer: Voters Choose to Allow Public Campaign Finance
November 11, Lake Expo.com: Lawmakers Vote to Crack Down on Payday Lending, Voters Have Final Say
The St. Louis Board of Alderman recently passed a bill that would further regulate the payday lending industry, requiring lenders to pay $5,000 in annual fees in order to continue to operate in city limits.
November 10, Dallas News: Judge Orders Dallas-Based Short-Term Lender to Pay $32 Million in Restitution
New Mexico Attorney General Balderas has ordered a payday lender to pay $32 million in restitution for its illegal, predatory practices.
More Coverage:
Los Alamos Daily Post: AG Balderas Announces $32 Million Judgment Against FastBucks to Benefit New Mexico Consumers
UNM: NM Gov Makes Amends With Trump, NM Judge Orders FastBucks to Pay $32 Million in Restitution
The Miami Herald: New Mexico Judge Orders FastBucks to Pay $32 Million in Restitution
November 9, JD Supra: Georgia Supreme Court Rejects Attempts to Narrow State Payday Lending Act
The case Western Sky Financial v. State of Georgia was declined by the Georgia Supreme Court, which was filed after payday lending company Western Sky Financial offered services across state lines.
November 9, PalmBeachPost.com: 3 Debt Protections for Service Members
This article aims to inform service members of ways to protect their debt, including how to protect themselves from predatory lending.
November 9, Kemper County Messenger: Report Cites High Cost of Being Poor in Mississippi
This articles illustrates the high rate of poverty in Mississippi, stating that many residents turn to predatory lending practices to get the money they need.
November 9, Crow River Media: Understanding the Impact of Poverty
In Hutchinson, Minnesota, an event will be held to inform the public on life in poverty. Joint Religious Legislative Coalition works toward policy reform that will reduce poverty, including predatory lending practices.
November 9, Times Free Press: Republican Steve McManus of Memphis Loses Statehouse Seat
Tennessee State Representative R-Steve McManus lost to D-Dwayne Thompson. A resident stated that he voted for Thompson due to his opposition to predatory lending laws.
November 8, KERA News: Without Credit, Folks Turn to High Interest Loans; A Nonprofit Is Buying Them Back
A nonprofit in Northern Texas aims to reduce the number of unbanked households by offering financial services to people who have taken out payday loans.
November 7, South Bend Tribune: Considering a Personal Loan? Here’s Everything You Need to Know Before You Borrow
This article explains how personal loans work and advises readers not to take out payday loans as an alternative financial service.
November 7, Daily Herald: Most Utah County State Representatives Run Unopposed
Incumbent House Representative Candidate R-Brad Daw promises to continue to work on payday lending reform.
November 6, Ballots for Sale: Outsiders Give $9 of Every $10 to SD Ballot Questions
Of the $11.1 million spent on South Dakota’s ballot measures this election season, about $9.5 million came from out-of-state funders. Select Management Resources LLC, a pro-payday lending company based in Georgia, contributed $3 million against a ballot measure that would cap interest rates on payday loans.
More Coverage:
Argus Leader: Is 2016 the Most Expensive Year for Ballot Measures?
November 6, Keloland TV: Faith Leaders Gather to Support One Payday Loan Ballot Measure
In Sioux Falls, a group of faith and community leaders participated in a prayer walk, walking to four different payday loan stores and praying at each.
More coverage:
BuzzFeed: There’s A Fierce Political Battle Over Payday Loans in South Dakota
The Republic: Daugaard Votes for Measure to Cap Payday Loan Interest Rates
Rapid City Journal: Special Questions Weigh Down South Dakota Ballot
The Public Opinion: Ballot Measure Organizers Make Final Push for Vote
Capital Journal: 10 Ballot Measures Serve as Main Feature in South Dakota’s Election
Sioux City Journal: 10 Ballot Measures Serve as Main Feature in South Dakota’s Election
Siouxland.com: South Dakota Ballot Includes Long List of “Yes/No” Measures
Argus Leader: Voter Confusion Could Hurt Payday Lending Measure
Rapid City Journal: SPAIN: Another Key Difference on Payday Loan Ballot Measures
WRAL.com: From Coast to Coast: A Look at Key Races in Every State
Reposts: Seattle PI | Salon | Times Union | New York Times
Progress on the Ballot: 35 States Set to Vote on Initiatives on Marijuana, Universal Healthcare, Minimum Wage and the Death Penalty
November 6, NJ.com: Citizen Action Urges Voters to Oust Scott Garrett Because of his Anti-Consumer Protection Record in Congress
This editorial piece criticizes NJ House Representative Scott Garrett for taking money from payday lenders, even though he should be protecting consumers as the chairman of Financial Services subcommittee on capital markets.
November 6, CNBC: Mom and Dad Will Stop at Nothing to Buy Holiday Gifts
This article about parents saving money to spend on their children’s holiday gifts states that many do not stay in their budget, and may even take out payday loans to afford them. The author advises parents not to use payday loans as a last resort to afford gifts.
November 6, Topeka Capital-Journal: Using the BBB and the MLA for Service Members’ Financial Security
This article discusses recent revisions to policies affecting veterans, including the Military Lending Act, which was recently revised to help protect veterans from predatory practices.
More News
November 11, Reuters: U.S. Consumer Financial Agency Could Be Defanged Under Trump
Under Donald Trump’s presidency, there is a high possibility that he will remove the CFPB, or fire director Richard Cordray. While Trump has not specifically mentioned the CFPB, he has stated that he wants to repeal the Dodd-Frank Act, the bill that birthed the CFPB.
Reposts:
NY Times | Yahoo Finance
November 11, AJC.com: What Could Happen to the CFPB Under President Trump?
Many Republicans, including Donald Trump, have opposed the CFPB and the Dodd-Frank Act, and with many of them now in office, there is a possibility that it will be dismantled.
More Coverage:
Politico: Trump’s Victory Sparks Bankers’ Hope for New Deal
Yahoo Finance: How Trump’s Election May Affect Credit, Consumers
Reuters: Friday Morning Briefing: Things are Going to Slide in All Directions
Wall Street Journal Blog: From Mortgages to Payday Loans, How Trump Will Impact Consumer Lending
The Street: Bank Fees, Payday Loan to Get Less Scrutiny From Trump’s Consumer Watchdog
Wall Street Journal: Donald Trump’s Transition Team: We Will ‘Dismantle’ Dodd-Frank
Wall Street Journal: The Morning Ledger: Trump’s Team Vows to Dismantle Dodd-Frank
WRAL.com: From President to Pot: A Look at Key Races in Every State
Times Union: From President to Pot: A Look at Key Races in Every State
LA Times: Today’s Special Edition: Contemplating President Trump
LA Times: Trump Administration Could Upend Post-Crisis Financial Reforms, Weaken CFPB
Yahoo Finance: Donald Trump’s Presidency Could Leave Consumers on Their Own
Bloomberg BNA: CFPB Likely to Be Reined in Under Trump, Republican Congress
Wall Street Journal: Donald Trump Took Aim at Dodd-Frank on the Stump
November 9, CU Times: CU Wins Tech Innovation Award with New Lending App Idea
A credit union from Louisiana won a tech innovation competition, pitching their app that would allow credit unions to service their customers better, and improve the online lending industry.
November 9, Record: House Race on Thin Edge
After a close race, Josh Gottheimer beat Scott Garrett in the race for NJ District 5 Representative. Previously, Gottheimer had mentioned that Garrett had accepted campaign contributions from payday lenders.
Lueddeke, Kim. “House Race on Thin Edge.” The Record 9 Nov. 2016: n. pag. Print.
November 9, Record: Gottheimer Victorious
Josh Gottheimer won a right race against Scott Garrett for NJ District 5 Representative. This article mentions that during the debate period, Gottheimer had pointed out that Garrett accepted bribes from payday lenders.
Lueddeke, Kim. “Gottheimer Victorious.” Record 9 Nov. 2016: n. pag. Print.
November 9, Jackson Free Press: Teaching Teens Financial Literacy
A new program at Provine High School will allow students to open their own bank accounts at school through the Hope Credit Union, and hold classes and workshop to develop their financial literacy.
November 6, Concord Monitor: Letter: A Look at Bower’s Record
This editorial piece criticizes New Hampshire Incumbent House Representative R-Spec Bowers for many legislations that he voted on, including one that enables payday lending.