Payday News, week of March 18, 2016


March 18, 2016
US News (Gynnie Robnett and Gabriel Hopkins)
The Death Trap of Debt-Trap Lending
Race car driver Scott Tucker is facing consequences for his payday loan scam, but too many debt-trap lenders aren’t.

March 15, 2016
Consumer Protection and Choice Act: Friend or Foe?
Americans for Financial Reform, a nonprofit consumer advocacy organization determined that since 2013, payday lenders have spent $13 million on campaign donations and lobbying.
For more coverage:
Los Angeles Sentinel and The Seattle Medium

Partner blogs, posts & press releases:

March 21, 2016
Stop the Debt Trap Blog

March 21, 2016
Stop the Debt Trap (Storify)
Advocates Crowd Congressional Semi-Annual Review of CFPB

March 16, 2016
Allied Progress
Favorite Congressman of Predatory Lenders Says Elizabeth Warren Should Be Neutered
Rep. Blaine Luetkemeyer Tells Bankers They Need to “Find a Way to Neuter” Sen. Elizabeth Warren, Calls Her “Darth Vader of the Financial Services World.”

March 4, 2016
National Council of La Raza (NCLR)
What are payday loans and why are they bad for our community?
¿Qué son los prestamos de día de pago y por qué son malos para nuestra comunidad?

Other Top Stories:

March 17, 2016
Religious Groups Call On DNC Chair To Denounce Pro-Payday Loan Bill
Faith-based community organizations are among the loudest voices in the battle against predatory lending practices like payday loans.
More coverage:
Baptist News Global | DNC head challenged by faith leaders over exploitative payday lending

March 17, 2016
Think Progress
One Chart Destroys The Talking Point Lawmakers Are Using To Protect Their Payday Lender Buddies
Critics point to the large sums payday lenders have donated to those lawmakers and to data showing that Florida’s law has done nothing to curb the abuses of a business model that extracts some $3 billion each year from the poorest places in America.

March 16, 2016
The District Sentinel
Financial Industry Allies “Preempt” C.F.P.B. Payday Lending Fight
Conservatives are assailing a rule on payday lending currently being formulated by the Obama administration as an attack on states’ rights.
Truth Out

March 16, 2016
KWTX Channel 10
Waco: Campus event aims to boost payday loan awareness
A joint study from George Washington University and the Pew Charitable Trusts found that about 28 percent of millennials turn to payday loans, short-term financing, and pawnshops.

March 15, 2016
ABC 15 Arizona
Woman caught in ‘flex loan’ cycle speaks out
“I think they trap you because they make it seem like, come and get this good money so you can get caught up on your bills, but you never get caught up,” said Jackson.

March 14, 2016
RIGGED: Debbie Wasserman Schultz Strikes Again
Most recently, Ms. Wasserman Schultz’s contributions from payday lenders pushed her to side with many Republicans against Sen. Elizabeth Warren’s Consumer Financial Protection Bureau.
More coverage:
Rewire | Wasserman Schultz Seeks to Protect Predatory Lenders, Faces Primary Challenger
Bustle | This Anti-Debbie Wasserman Schultz Ad Claims Her Bipartisan Efforts Say Something Much More Sinister

March 14, 2016
The Gadsden Times
OUR VIEW: Time for change on payday loans
Orr’s bill could come up for a vote this week, but it won’t be a surprise if it’s either delayed again or if it’s defeated.

March 19, 2016
Church pledges to pay off member’s payday loans
A Birmingham church is working to pay off $41,000 in payday loans for members of its congregation and community.
More coverage:
ABC3340 | Church paying off payday loans for members

March 17, 2016
BRIEF-New york DFS says Blue Global, its CEO to pay $1 mln penalty
Nydfs says investigation found co misrepresented to consumers that it provided ample security for personal info, marketed illegal, online payday loans to consumers.
More coverage:
Reuters | Payday loan promoter to pay $1 million penalty to New York state
The Charlotte Observer | NY reaches agreement with lead generator for payday lenders
Reuters | Company that pushed leads for payday loans to pay NY regulator $1 mln

March 14, 2016
Delaware Online
Judge: $1,820 repayment on $200 loan ‘unconscionable’
A Delaware judge has ruled in favor of a former hotel housekeeper who sued a consumer loan company that demanded repayment of $1,820 for a $200 loan, a loan agreement the judge declared “unconscionable.”
More coverage:
ABA Journal | Delaware Chancery Court voids ‘unconscionable’ payday loan, awards borrower damages

March 12, 2016
Star Tribune
Ethanol producers see earning fall; Cirrus expands in Duluth; Payday loan event
Richard Cordray, director of the federal Consumer Financial Protection Bureau (CFPB), and members of faith-based organization Isaiah will address the perils of payday lending in north Minneapolis on March 21.