Payday Reform News: September 3-9


September 7, AZ Central: Our View: Why The Feds Must Regulate Payday Loans
This is an editorial piece that stresses the need for the CFPB to take action on predatory lending, due to the harm it has caused to families and the local economy with many states’ current laws enabling these practices. The author urges Arizona state legislators to take the CFPB’s proposal into consideration, even though it is outlawed in Arizona, in order to prevent lawmakers from amending current provisions.

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September 9, Hill City Prevailer News: President Obama Says to Find A New Business Model
This is a blog post applauding Obama’s statement against payday lending. The author also commends South Dakota for its efforts to regulate payday lending and encourages readers to vote against it on Election Day.

September 9, North County Center Serves as Alternative to Payday Lenders
A non-profit, Reddough Money Center, in Pagedale, Missouri has recently opened as an alternative service to payday lending. Reddough only allows borrowers to take out a maximum of $500 at a time, with a payback period of 4 to 6 months.

September 8, La Opinion: Exigen mano dura para las compañías de ‘payday loans’ (Spanish)
Advocates and local officials held a press conference in Los Angeles to support the CFPB’s efforts to rein in payday lending abuses, including those that embroiled Rosa Barragan in years of debt.

September 6, Orlando Sentinel: Strengthen rules against predatory lending: Where We Stand
While the CFPB has taken a strong initiative to regulate payday lending laws, there is still room for improvement on the details of their current propositions. They are now considering comments from the public in order to revise their plan.

September 6, San Angelo LIVE: City Council and Local Organizations Tackle Predatory Lending
Predatory lending has been presented to the Texas Legislature many times, but without success. Now action is being taken on a local level, with 35 cities passing ordinances against predatory lenders, as well as a few ordinances regulating land use.
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My Fox Zone: San Angelo City Council to Consider Regulations on Payday Loans

September 5, Las Vegas Sun: The future of fast cash: State treasurer proposes regulatory crackdown on payday lending
State Treasurer Dan Schwartz is urging the Legislature to discuss proposed concrete actions to prevent debt cycles in Nevada at their next meeting, including prohibiting borrowers from re-paying their previous payday loans with new loans. As expected, payday lenders have already expressed discontent with the proposition, arguing that it would hinder consumers’ access to the short-term loans they need.

September 4, Standard Times: State lawmakers ready for another run at payday lenders
State Representative Tom Craddick has pushed to pass legislation regarding payday lending three times already, and will continue to file legislation for the next meeting. Several faith-based organizations have also contributed to the push for fair lending practices.