Payday Reform News: August 27-Sep 2

Highlights August 30, Arizona Capitol Times: Stop triple-digit interest rates for good This opinion piece from Diane Brown and Kelly Griffith recount Arizona’s 2008 ballot measure defeating the payday industry’s attempt to keep triple-digit interest rates legal in Arizona. It mentions PIRG’s August report showing 91% of consumer complaints on payday to the CFPB show evidence of the unaffordability of …

USPIRG Report: Analysis of Payday Complaints Reveals Need for Stronger Federal Protections

CONTACT:Mike Litt, U.S. PIRG Education Fund Office: (202) 461-3830 Cell: (702) 427-1608mlitt@pirg.org Report: Analysis of Payday Complaints Reveals Need for Stronger Federal Protections Washington, D.C. – Consumer complaints about payday loans to the Consumer Financial Protection Bureau (CFPB) show a critical need for strengthening the agency’s proposed rule to rein in payday loans and other high-cost lending, according to a …

Predatory Lenders Plot to Sabotage New CFPB Rules

by Amit Narang, Public Citizen A couple weeks ago, VICE did some incredible and shocking reporting about an attempt by the predatory payday lending industry to sabotage proposed rules designed to finally rein-in industry practices that have ruined lives by trapping far too many Americans into endless cycles of debt. Payday lenders take advantage of consumers by charging astronomical interest …

Payday Reform News: August 13-19

Highlight: August 17, North Dallas Gazette: Faith Leaders Call for End to Abusive Payday Lending Practices This article summarizes the opinions of faith leaders on the CFPB rule regarding payday. The author mainly focuses on the faith leader’s joint criticism of the rules many loopholes. The author focuses on the 6-loan loophole for the majority of the article, as faith …

Payday Reform News: July 29-August 5

Highlight of the week: August 4, Wisconsin Public Radio: Rally Against Payday Loan And Vehicle-title Lenders More than 100 activists from across the nation rallied at a Milwaukee payday loan storefront earlier this week demanding the Consumer Financial Protection Bureau properly regulate payday and car-title lenders with high interest loans. Partner Blogs and Statements: August 4, National Council of La …

How Latino Communities Are Responding to Payday Loansharks

Payday loans, though advertised as a quick fix to money problems, thrive off of stripping hard-earned money from the country’s most fiscally vulnerable populations, including Latino/as. Payday lenders target the Latino community, checkering neighborhoods with storefronts to trap unsuspecting consumers into cycles of debt, as maps of Florida cities show in the Center for Responsible Lending’s Perfect Storm report. Because …

Small Businesses Call on the CFPB to Protect Consumers

Predatory lending practices, like payday and car title lending, make small business owners like David Borris anxious because lenders drain hard-earned money from customers out of the community. Borris, owner of Hel’s Kitchen Catering in Illinois, says, “the success and well-being of a small business are inextricably tied to the success and welfare of its community. When consumers turn to …