Payday News, week of February 19, 2016

February 19, 2016
Huffington Post
Watch This Congressman Plagiarize a Lobbyist on Payday Loans

February 18, 2016
FTC Sends Money To Payday Loan Scam VictimsIn the wake of a payday lending scam that swindled money from consumers, the Federal Trade Commission is sending checks to consumers affected by the ruse.
More coverage:

  • Imperial Valley News | FTC Returns Money to Consumers Harmed in Payday Loan Ploy
  • February 17, 2016
    House committee passes new payday loan code
    The House State Affairs Committee today advanced a pay day lending bill that allows licensees to charge any interest rate agreed to between parties.
    For more coverage:

  • Yahoo Finance | South Dakota high court mulls payday lending ballot question
  • February 17, 2016
    Montgomery Advertiser
    Payday loan reform bill approved by Senate committeeThe legislation, sponsored by Sen. Arthur Orr, R-Decatur and modeled on a Colorado law, would extend the terms of repayment to six months and limit the interest rates on the loans to 180 percent.

    February 17, 2016
    Payday Lending Clash Rolls On Between CFPB And CongressIt has been a little less than a year since the Consumer Financial Protection Bureau announced its intentions to examine the institution of small-dollar, short-term lending — of course, with an eye toward new regulations aimed at reining in the worst abuses associated with it.

    February 16, 2016
    Waco council approves small-lot ordinance, payday lending regs
    Waco City Council on Tuesday agreed to allow homebuilders to create smaller lots in the heart of the city but remained split on the need for a special permit to allow them.

    February 16, 2016
    The Detroit News
    Triple-digit payday loans, title loans opposed
    In an attempt to influence state legislators, a Michigan consumer group released on Tuesday a survey showing that more than 80 percent of Michiganians are opposed to triple-digit payday loans as well as short-term “title loans” secured by a borrower’s car.

    January 16, 2016
    The Salt Lake Tribune
    Regulations for Utah payday loans advance
    Lawmakers advanced a package of somewhat tighter regulations for the high-interest payday-loan industry Tuesday, but it was watered down from much more sweeping reforms originally proposed.

    February 15, 2016
    Alabama’s News Leader
    Rep. Danny Garrett to file payday lending bill this week
    This week, Rep. Danny Garrett (R-Trussville) plans to file a bill aimed at tightening regulations for the payday lending industry.

    February 14, 2016
    New Brunswick Today
    Federal Payday Loan Regulations Expected to Be Finalized by April
    In March 2015, the Consumer Financial Protection Bureau (CFPB) said it would write the first rules for “payday loans” and introduced guidelines that are expected to be finalized by the end of April.

    February 17, 2016
    Jackson Free Press
    Is the Payday Soon Over for Payday Lenders?
    Like a sadder version of Las Vegas, the signs towering above Jackson’s payday-loan shops and check-cashing joints seem designed to entice motorists in the city’s major thoroughfares.

    February 17, 2016
    The Pitch Blogs
    Payday-lending magnate Scott Tucker wasn’t alone in a grand jury indictment
    Scott Tucker made a fortune — $419 million, according to the Federal Trade Commission’s estimates — in payday lending. That fortune paid for an $8 million home in Aspen, a handful of Ferraris and his motorsports hobby.

    February 17, 2016
    Payday lenders charged near Kansas City; federal laws needed to halt abuses
    Two businessmen and a lawyer from the Kansas City area face racketeering and other charges stemming from payday loan operations that charged exorbitant interest rates and fees.

    February 16, 2016
    Idaho Press-Tribune
    Payday loan business seeks to open in restricted area
    A payday loan company wants to open a store in a section of town where payday loan activity has been highly restricted.

    February 15, 2016
    JD Supra Business Advisor
    Owner of Payday Lenders, Attorney Hit with Federal Criminal Indictment
    A man alleged to be the owner and operator of a group of payday-lending companies and an attorney alleged to have submitted false affidavits and structured sham arrangements have been indicted by a federal grand jury in New York.

    February 13, 2016
    Daily Republic
    Check cashing, car title loan companies could face Fairfield moratorium
    The proposed interim urgency ordinance imposes a 45-day moratorium on establishment of new alternative financial services of car title loans, payday lenders and check cashing.

    February 10, 2016
    Oklahoma tribe agrees to pay $48 million to avoid prosecution in payday lending scheme
    Two companies controlled by the Miami Tribe of Oklahoma have agreed to pay $48 million to avoid federal prosecution for their involvement in a lending scheme that charged borrowers interest rates as high as 700 percent.