PRESS RELEASE – Americans For Financial Reform, Center on Privacy & Technology, Center for Responsible Lending, Leadership Conference on Civil and Human Rights, National Consumer Law Center (on behalf of its low income clients), National Council of La Raza, Open MIC, Upturn FOR IMMEDIATE RELEASE: Monday, January 30th, 2017 Google Takes Down Over Five Million Payday Loan Ads Members of …
Payday News January 23
Highlight January 18, Billings Gazette: Guest Opinion: Don’t Muzzle U.S. Consumer Watchdog Katie Sutton of the Montana Organizing Project defends the CFPB noting the strong support from Montana for the payday lending rule last fall. Top Stories January 23, Salt Lake Tribune: Only 3% of Utah campaign money came from constituents, 92% from special interests An article about campaign contributions in Utah …
Payday News January 13
Highlight January 13, The Register-Guard: Protecting the little guy This editorial out of Oregon outlines the threats against the CFPB, mentions its action against payday lenders and supports its independence. Top Stories January 12, Huffington Post: Trump Moves Closer To Gutting Elizabeth Warren’s Consumer Watchdog Ben Walsh and Ryan Grim report that Trump spokesman Sean Spicer said that Trump is considering appointing …
More Than 250 Organizations Urge OCC Not Offer Fintech Lender Charters
Advocates underscore real threat to state law protections against predatory lenders “The OCC’s charter proposal enables companies to avoid state licensing regimes and oversight by state regulators and attorneys general.” More than 250 groups sent a letter today to Comptroller of the Currency Thomas J. Curry urging him not to grant national charters to financial technology firms, which could preempt state …
Payday News December 31-January 6
Highlight January 4, St. Louis American: What will you lose if you lose consumer financial protection? CRL’s Charlene Crowell discusses the threats to the Consumer Financial Protection Bureau and the benefits it has brought to consumers during its existence. More Coverage: Morning Consult: Time to Stand Up for Federal Agency That Delivers on Its Promises Common Dreams: Consumer Bureau Under Attack Partner Releases …
Payday News December 23-30
Highlights December 27, Los Angeles Times Nine years later, state wins key verdict over tribal payday lenders This article reports that the California Supreme Court ruled for the state saying a case against payday lenders can proceed, and finding that their weak connections to Native American tribes did not give them immunity from state lending laws. More coverage: Metropolitan News-Enterprise …
CFPB Stops Payday Lender from Deceiving Customers and Making Unauthorized Withdrawals from their Bank Accounts
The week before Christmas, the Consumer Financial Protection Bureau (CPFB) fined a payday lender for misleading consumers through deceptive online advertisements and collection letters, as well as making unauthorized withdrawals from consumers’ bank accounts. “Consumers deserve honesty and transparency from the financial institutions they rely on,” said CFPB Director Richard Cordray. The CFPB’s order also requires the company to cease …
Payday News December 17-22
Highlight December 21, Real Estate Rama: Don’t Let Payday Loans Turn Your Holiday Dreams Into A Nightmare This consumer warning piece quotes the president of Woodstock Institute, uses the material about what holiday toys would cost if bought with payday loans and promotes a strong payday rule from the CFPB. More Coverage: Taos News: Be mindful of the Darker Side of Holidays …
Payday News December 10-16
December 15, Palm Beach Post Holiday shopping: Gifts bought with “payday loans” come with hefty price tag This piece features StopTheDebtTrap.org’s holiday payday lending release detailing how much popular toys would cost this year if bought with a payday loan. More Coverage: OzarksFirst: Holiday “Debt Hangover” Can Linger for Months WSJM: Experts Urge Holiday Shoppers To Avoid Going Into Debt San Francisco Gate: Christmas Loans: …
Payday News December 3-9
Highlight: December 3, Alamogordo Daily News: ACS One-Stop Shop for Families An Army Community Service center in New Mexico is offering a “one stop shop” to low-income families, providing them with toys, food, and other holiday items. One of the purposes of the center is to prevent families from taking out payday loans to afford items around Christmastime. Repost: Las Cruces Sun-News …