Payday Reform News: October 15-24


October 23, The Brownsville Herald: Texas Appleseed Cites Loan Model Launched in Brownsville
Texas Appleseed’s recent report includes the business model and loan program that Brownsville, TX uses to provide alternative financial services to payday loans.

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October 24, Martinsville Bulletin: Letter to the Editor: Time for a change
A letter to the editor calls on Virginians to push the CFPB to strengthen its proposed rule on payday loans.

October 22, The Rapid City Journal: Payday Lending Focus of Two Nov. 8 Ballot Questions
This article explains the difference between Initiated Measure 21 and Amendment U on the South Dakota ballot, and provides arguments for and against payday lending reform with regards to these propositions.

October 21, The Problem With Car Title Loans
This article explains the dangers of car title lending and how the industry operates, and warns readers of the repercussions of taking out car title loans.

October 21, News Cow: Schiltz, Judd-Jenkins Face Off in 80th District
Michelle Schiltz, who is running for State Representative in Kansas, states in an interview that she believes payday loans are major contributors to the deficits and budget crisis.

October 20, KFOR: Single Widow Says She Was Trapped by High Interest Tribal Loan
This article tells the story of Sonya Viers from Oklahoma, who took out an $800 payday loan from an online tribal lender and found herself in immense debt. The company deceived her, and Oklahoma has no regulations regarding tribal lending.

October 18, Politico: Payday-Lending Crackdown Draws 1.4 Million Letters of Protest
The recent comment period for the CFPB’s proposed rule on predatory lending generated 1.4 million comments, which may be a record amount of comments for any federal rulemaking.

October 17, Money Magazine: Why Payday Loans for Small Businesses are Bad News
This article argues that payday loans are especially detrimental to borrowers who need money to help run a business, and how this hinders small business growth.

October 16, Yahoo Finance: Voters to Decide South Dakota Payday Loan Industry’s Fate
This article discusses South Dakota’s ballot measure for the upcoming election, highlighting one borrower’s story to show how the industry takes advantage of consumers.

October 15, Star Tribune: Payday Loans in Regulators Cross Hairs
This article describes the different viewpoints of the payday lending industry, and provides some facts and background information on the issue.