Payday Reform in the News March 17


They’re Back! Loan Sharks Circling Again
March 15, Arkansas Online
Strong editorial backing lawmakers in their work to keep CashMax from getting borrowers caught up in “involuntary servitude.”


Top Stories


Huge majority of Ohioans want payday lending reform – now legislature must act: Brent Larkin
March 16,
A new poll commissioned by The Pew Charitable Trusts that was shared with shows that 62 percent of Ohio's likely voters have an unfavorable view of payday lenders.


Will House Allow Payday Lenders To Keep Charging 459 Percent Interest?
March 15, Civil Beat (HA)
The Hawaii Senate voted last week to limit payday loan annual interest rates to 36 percent, down from the current allowable annual rate of 459 percent.


Fast food workers, activists take overnight bus for day of action in Nevada Legislature
March 15, Nevada Independent
Advocates head to Carson City to make their voices heard on a variety of issues, including payday lending reform.


Texans Need to Tell Lawmakers to Keep the Consumer Financial Protection Bureau
March 15, UT News
The Consumer Financial Protection Bureau is a runaway success. In the nearly five years since its founding, the CFPB has handled more than 1 million consumer complaints, including 53,000 from Texans, and returned $12 billion of ill-gotten gains from financial companies back to 29 million consumers.


Oklahoma House advances payday loan bill
March 14, Tulsa World (OK)
A bill that could allow annualized interest of up to 204 percent on some small loans made it through the Oklahoma House of Representatives on Monday despite the opposition of some religious groups and advocacy organizations and a less-than-glowing recommendation from its author.


Bipartisan Bill To Rein In Predatory Loan Practices Passes House
March 13, Los Alamos Daily Post
The New Mexico House of Representatives has passed House Bill 347, a bill to rein in predatory loan practices, in a sweeping bipartisan vote of 64-2. HB 347 is part of a bipartisan effort to limit the fees and charges financial institutions add to installment loans, also known as payday loans, and to implement financial literacy programs in the state. The bill limits the APR to 175%.


Legislative bills focus on high-cost lenders in state
March 13, Northwest Arkansas Democrat Gazette
One lawmaker is trying to keep low-dollar, high-cost lenders out of Arkansas. Others offer bills that would put those lending practices in state law.


Community loan program set to expand
March 12, Longview News (TX)
A pilot program offering an alternative to high-rate payday lenders has loaned nearly $112,000 to 117 Longview city employees in the months since it began.


The Indy Explains: Lawmakers push for additional rules on high-interest payday loans
March 12, The Nevada Independent
A handful of state lawmakers are pushing to implement the first major reform to payday lending laws for the first time in more than a decade.


Community loan program set to expand
March 12, Longview News-Journal (TX)
A pilot program offering an alternative to high-rate payday lenders has loaned nearly $112,000 to 117 Longview city employees in the months since it began.


Toledo Dem finds GOP help for bill to limit payday lending
March 11, The Blade (OH)
A payday lending reform sponsor is confident the House’s 33 Democrats will support the bill, but he doesn’t know where it stands with the 65 Republicans beyond one supporter. 


Payday Lending Crackdown Back Before Ohio Lawmakers
March 17, WOSU Radio
Nearly nine years after state lawmakers passed a crackdown on payday loan businesses and voters upheld that law, people are still borrowing from quick-cash lenders, and they’re still charging huge interest rates. Now another proposal to regulate the industry is back before legislators.