Highlight: November 26, Casper Star Tribune: Barron: Protecting the Consumer This editorial piece written by a Wyoming resident voices the need for a stronger payday rule, and discusses the CFPB’s efforts to address payday lending on a federal level. Partner Blogs and Releases: Campaign for America’s Future: This Doesn’t Sound Like Our Voice Top Stories: December 2, Aberdeen News: At …
Strong Bipartisan Support for 36% Payday Lending Cap by South Dakota Voters Should Encourage Reform Across Nation
See the full post here. On November 8, 75% of South Dakota voters approved reducing the cost of payday loans from 574% to 36% annually. At the same time, a significant majority of South Dakotans rejected the payday lenders’ proposal to allow permanent unlimited rates. The rate cap ballot measure approved by South Dakota voters will cap the annual interest rates at 36% for payday, …
Payday Reform News November 5-11
Highlight In a hard fought battle where out-of-state predatory lenders spent over $3 million on advertising and confusion, South Dakotans overwhelmingly voted to put a 36% state rate cap on payday and car title loans, joining 14 other states that have similar caps: November 9, SDPB Radio: Voters Approve Payday Lending Rate Cap Steve Hildebrand, who has been a leader …
Payday Reform News: October 29- November 4
Highlight November 1, WABE 90.1: Georgia Supreme Court Rules Company Violated Payday Lending Ban The Georgia Supreme Court has ordered Western Sky Financial to pay $15 million, which is about the amount that the company took from borrowers since the case was first filed. More Coverage: The Atlanta Journal-Constitution: Georgia Supreme Court Blocks South Dakota Payday Lender Atlanta Business Chronicle: …
Payday Reform News: October 25 – 28
Highlight October 25, Grand Rapids Herald Review: Op/Ed: CFPB Should Strengthen Its Payday Loan Rules This opinion piece by Senator Al Franken (D-MN) includes a borrower story and urges the CFPB to crack down on the payday lending industry. The author commends the CFPB for the positive portions of the proposition, but also points out its flaws. More Coverage: Yahoo …
Payday Reform News: October 15-24
Highlight 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. Top Stories October 24, Martinsville Bulletin: Letter to the Editor: Time for a change A letter to the editor calls on Virginians to …
Payday Reform News: October 8-15
Highlight October 10, Chicago Tribune: There’s High Interest in Cracking Down on Payday Loans This article gives a general overview of the fight against payday lending the in the last 20 years, and the difficulties that must be overcome in order to create a feasible solution to this issue. This article quotes Mike Calhoun. More Coverage: Wall Street Journal Partner …
Advocates Share Voices of Hundreds of Thousands Calling for End to Predatory Lending
Advocates Share Voices of Hundreds of Thousands Calling for End to Predatory Lending WASHINGTON _ More than 700 groups carrying the voices of hundreds of thousands of Americans from every state in the union today called on the nation’s consumer financial watchdog to put forth a strong final rule that will truly end the abuses of payday lending. In June, …
Payday Reform News: October 1-7
Top Stories October 7 Philadelphia Tribune, 1st Presbyterian panel discussion focuses on payday lending By Samaria Bailey Reports on September 29 event co-sponsored by Pennsylvania PIRG and One Less Foundation, a local organization. October 7 The Intercept, Google said it would ban all payday loan ads, it didn’t By David Dyen Reports on the payday industry’s use of “lead generators” …