The Gadsden Times
The numbers are astonishing. In the first 10 weeks that payday lenders had to record their transactions on a statewide database, Alabamians took out 462,209 payday loans. Based on those numbers, Alabamians are on course to take out just over 2.4 million payday loans on an annual basis.
Greenville News Online
Column: Don’t trap people in debt if they need credit
The article describes the debt trap faced by those who take out payday loans and the effects of such loans on residents of South Carolina.
Inside Higher Ed
Federal Watchdog Eyes Accreditor
The CFPB is looking into the Accrediting Council for Independent Colleges and Schools (ASICS), which serves as an accreditor for for-profit colleges. It is uncertain whether or not the CFPB will begin an investigation into the council itself or the institutions for which it serves.
Shreveport Times Online
Filling a need, local ministries work to stop predatory lending
In an effort to discourage predatory payday lending in their communities, The Highland Center Financial Ministries has begun a partnership with Pelican State Credit Union to offer short-term, low interest loans. The center is made up of local churches in Shreveport.
Payday lender prepaid cards: the worst plastic in the world?
Payday lenders have been issuing prepaid cards, from which lenders can withdraw funds from accounts on loan due dates and charge high fees.
Temple City Council Looking to Regulate Credit Access Businesses
The Temple City Council in Texas is considering placing regulations on credit access businesses that would place limits on payday and auto title loan amounts and limits on installment plans. The ordinance would require that these businesses obtain a certificate of registration and keep complete records for a specific amount of time.
2015 update: predatory lending money flowing through Missouri politics
The article describes ways in which the payday lending industry provides funds to state legislators in order to receive legislative support and protect their businesses from further regulations.
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5 Phone Calls Scammers Love to Make
The article describes various types of scams, including situations in which callers claiming to be payday lenders demand payments from supposed borrowers.
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Right-Wing Think Tank Shills for Payday Lenders on New York Fed Website
First Cash Reports Third Quarter Earnings per Share
First Cash Financial is gradually phasing out of payday lending operations, as it focuses more heavily on the growth of its retail pawn stores.
Argus Leader Online
Hildebrand seeks payday loan debate
Steve Hildebrand proposes a debate over capping interest rates on payday loans within the state of South Dakota and invites Lisa Furlong, Chair of South Dakotans for Fair Lending, to discuss the issue.
This could be the next ‘subprime mortgage crisis’
Karen Mills, Senior Fellow at the Harvard Business School and former Administrator of the U.S. Small Business Administration, warns that loan brokers whose actions led to the recent economic crisis are becoming more involved in the largely unregulated online lending industry. The CEO of Prosper, Aaron Vermut, compares the online loan industry to payday lending.
Bernie Sanders’s Highly Sensible Plan to Turn Post Offices Into Banks
Bernie Sanders highlights the potential role of the U.S. Postal Service in providing banking services. The article argues that this plan would reduce reliance on high-interest, short-term loans that create debt traps for people in need.
Miami Herald Online
New database shows 46,000 payday loans per week in Alabama
The article describes the heavy reliance of Alabamians on payday lending, noting that roughly 300,000 residents utilize payday loans.
Watchdog group files ethics complaint against McHenry
A watchdog group accuses Rep. Patrick McHenry of taking thousands of dollars in campaign contributions from the payday lending industry at the same time as he was taking official actions in support of the industry in an ethics complaint filed in Washington.