Payday Reform News: September 17-23


September 19, KY3: Springfield City Council Asking Feds to Better Regulate Payday Loans
The Springfield City Council decided to pass a resolution allowing the city to inform the CFPB that they must further regulate payday lending. There was a large presence of faith-based community members who came to express their concerns about how the payday lending industry has affected them and others, however, no one from the payday lending industry showed up to the meeting.

More Coverage:
Springfied News-Leader: Council to Consider Resolution Regarding Payday Lending Rules
KSPR News: Springfield’s City Council Will Consider Payday Loan Resolution Council Votes to Seek Tighter Regs on Payday Loans
KTTS: Springfield City Council Targeting Payday Loans
The Island Packet: Springfield City Council Passes Payday Loan Resolution
KTTN: Springfield City Council Passes Payday Loan Resolution
Missouri Net: Springfield City Council Tackles Battle Against Area’s Poverty Problem
Springfield News-Leader: <strong>City Council Passes Payday Loan Resolution, Will Select New Zone 2 Representative
Missouri Net: Springfield On Forefront Tackling Poverty
KTTS 94.7: Springfield Asking For National Help in Tackling Poverty

Top Stories

September 23, Dothan Eagle: Payday Lending Database Shows Promise
This editorial piece discusses the recent facts regarding the immense amount of payday loans taken out in Alabama last year, and advises policymakers to prevent borrowers from taking out multiple loans and falling into a debt trap.

September 21, Voice & Viewpoint: We Must Close the Payday Loan Debt Trap Once and For All
This opinion piece describes payday lending in the context of the high poverty rates in the US, which are particularly high among African Americans. The author encourages readers to submit comments to CRL.

We Must Close the Payday Loan Debt Trap Once and For All

More Coverage:
Daytona Times: Time To Close the Payday Loan Debt Trap
District Chronicles: Stop the Payday Loan Debt Trap
Black Press USA: We Must Close the Payday Loan Debt Trap Once and For All

September 21, News-Leader: Our Voice: Our City Shows Leadership On Payday Loans
This opinion piece comments on the recent decision made by the Springfield City Council to pass resolution asking the CFPB to crack down on payday lending. The author says this is a simple step to take action on a major issue, and urges the Jefferson City Council to echo Springfield’s.

September 22, Review Journal: Nevada Treasurer Says Real Issue with Payday Loans is ‘Who Has Access and on What Terms’
Dan Schwartz, the State Treasurer of Nevada, has proposed to implement a “cooling off” period of 45 days, which would allow borrowers to pay their loans back before accumulating interest and fees. Additionally, he hopes to curb predatory lending among veterans and educators, who are currently a large population of victims in the industry.

September 21, Digital Journal: Disrupting the Payday Loan Market by Shedding Light on Business Practices
This article highlights the website, a site where consumers can write reviews about a variety of companies, allowing for more transparency in the payday loan market. The Chief Marketing Officer, Chase Sagum, mentions that the company hopes the site will contribute to preventing potential victims of predatory lending practices.

September 20, Temple Daily Telegram News: Payday Loan Dangers Discuss at the United Way Leadership Breakfast
Ann Baddaur, the Texas Appleseed director of Fair Financial Services has been fighting against payday lending for years, and spoke about the issue at the United Way Leadership Breakfast this week.

September 20, GM Today: Group Takes Issue With Payday Lending Practices
Members of SOPHIA, a faith-based group from Waukesha Wisconsin, protested the payday lending industry on the street on September 19th.

September 19, The Philadelphia Tribune: Court Ruling Deals Payday Lenders A Hard Blow
The CFPB won their case against CashCall, a payday lending company that was unfairly and illegally charging clients exorbitant fees on their loans.

September 22, North Dallas Gazette: CFPB Urged By Advocates to Get Debt Collection Rules Right
This article emphasizes the alterations that the CFPB must make to its proposed amendments in order for it to be fully effective.

September 22, PBS: This Innovative Idea Can ‘Unshackle’ Poor People From Payday Loans and Bad Credit Scores
José A. Quiñonez is the CEO of Mission Asset Fund, a San Francisco-based company with an innovative business model that allows low-income immigrants to take out loans with 0 interest. He hopes that this will prevent consumers from predatory lending practices.

September 22, San Gabriel Valley Tribune: El Monte Extends Moratorium on ‘Predatory’ Payday Loan Businesses
In October 2015, The El Monte City Council established a moratorium that would prohibit predatory lending. This week, they unanimously voted to extend this until October 2017.

September 21, The Pasadena/San Gabriel Valley Journal: Consumer Financial Protection Bureau Wins Court Case Against CashCall
This article summarizes the case that the CFPB won over CashCall last week, and how it contributes to the fight against predatory lending.

September 20, The Christian Science Monitor: Post Office Banking: An Old Idea Getting a Second Look
This article discusses the potential benefits and feasibility of establishing a post office banking system as an alternative to payday lending. This system was successful in the United States until the 1960s, and has even proven successful in other countries such as Japan, the United Kingdom, France and Italy.

September 19, Bonney Lake Courier-Herald: Minorities More Vulnerable to Scams
This article explains a study conducted by the FTC revealing that minorities tend to be targeted by scam artists. It advises readers not to get scammed by payday lenders.