28 Senators, led by Senators Brown Coons, Durbin, and Merkley, signed onto a letter in support of a strong final CFPB small-dollar lending rule. The detailed letter is a powerful call to the CFPB to strengthen its final rule and ensure that we stop the debt trap. Read the full letter. “We believe that the CFPB’s efforts will help to …
New Poll: Ohio voters loathe payday lenders
A poll of Ohio voters released last week confirmed what we already knew: people really don’t like payday lenders, and really want regulation to protect themselves from the debt trap. See the full poll data here And read the COHHIO summary of the poll here The Coalition on Homelessness and Housing in Ohio (COHHIO) the poll, finding that 70% of …
We made a splash during Shark Week!
Cross posted from People’s Action. We’re making a splash to stop the payday debt trap. June 26-August 2 was Shark Week on the Discovery Channel. While millions tuned in to watch some of the fiercest predators in the sea, People’s Action Institute made a splash highlighting the loan sharks who stalk our communities, trapping families in an endless cycle of …
Senator Sherrod Brown calls for public to comment on the rule to rein in payday lenders
WARREN, OH – Senator Sherrod Brown (D-OH) met with community members, local service organizations, and former borrowers on June 27th to advocate for public action to help #StopTheDebtTrap caused by predatory lending. The CFPB has proposed a rule to crackdown on predatory lending, and comments submitted to the CFPB through September 14th will ensure a strong final rule. Senator Brown …
Rep. Waters Releases Report: Five Tactics Payday Lenders Use To Evade State Consumer Protection Laws
Representative Maxine Waters (D-CA), Ranking Member on the House Financial Services Committee, recently released a report exposing five tactics used by payday lenders to evade state consumer laws. Titled “Skirting The Law: Five Tactics Payday Lenders Use To Evade State Consumer Protection Laws,” the report highlights underscores the need for strong federal protections. For example: Ohio: Had previously enacted the …
Campaign to Stop the Debt Trap Announces Collection of Over 100,000 Public Comments in Support of Reining in Predatory Payday Lending Industry
Hundreds of Thousands of Americans Have Spoken Up Since Public Comment Period Opened on June 2 See the press release here. Washington, D.C. – The Stop the Debt Trap campaign announced that so far, its public awareness and comment gathering effort had collected over 100,000 public comments since June 2 in its fight to end predatory lending in America. The …
New Report Exposes “Pinklining” – Aggressive Wall Street Lending That Disproportionately Harms Women of Color
Community groups call for an investigation by the Consumer Financial Protection Bureau This week, three statewide community groups – ACCE (Alliance of Californians for Community Empowerment), NJCU (New Jersey Communities United) and ISAIAH in Minnesota – released a report that shows women, and particularly women of color, are being disproportionately harmed by aggressive and often predatory lending, a practice the …
The American People Really Really Really Don’t Like Payday Lending
By Huge Margins, Voters Support More Regulation to Stop the Payday Debt Trap A used car salesman, a Wall Street banker and a payday lender walk into a bar. If the bartender is anything like most Americans, that payday lender might have a tough time getting a drink. No One Likes Payday Lenders Payday Lending Poll Memo June 2016 Payday …
The Battle of Kansas City has been won!
WE TOLD OUR STORY IN KANSAS CITY! Last week, at a Kansas City field hearing, the CFPB released their proposed rule on payday, car title and installment lending. Years of hard work paid off as the damage of payday lending, the long fought local efforts to stop abusive lending practices, and the need for a strong rule that will …
Payday Reform News: June 1-7
Kansas City infoZine June 2, 2016 CFPB Proposes Rule to End Payday Debt Traps The Consumer Financial Protection Bureau (CFPB) proposed a rule aimed at ending payday debt traps by requiring lenders to take steps to make sure consumers have the ability to repay their loans. FOX4KC June 2, 2016 New rule proposal aims to end to payday loan debt …