Some payday lenders do business through storefronts; others operate online. This new report puts one more nail in the coffin of the idea that either is a safe form of credit in the current regulatory environment. Previous research, including studies by the CFPB, showed that most payday loan customers end up in high-cost long-term debt, often paying more in fees …
Payday News, week of April 15, 2016
April 14, 2016 The White House Blog A Moral Case for Putting a Stop to Payday Lending Abuses What emerged was a common, powerful theme: that we have a moral obligation as a country to do something to stop payday lenders from preying on consumers by trapping them in an endless cycle of debt. More coverage: The Wall Street Journal …
“Paydayfreelandia” States Go To Washington
COMMUNITY & CLERGY LEADERS FROM “PAYDAYFREELANDIA” CALL ON CFPB TO ISSUE STRONG PAYDAY LENDING RULE Warn Agency that Weak Rule will Usher in New Wave of Predatory Lending Deliver Letters Urging CFPB Not to Undercut Strong State Laws that Prohibit Payday Loans A coalition of two dozen faith leaders, and labor, civil rights, and community groups from states that ban …
Payday News, week of April 8, 2016
Blogs, posts & press releases: April 2016 Center for Responsible Lending Enfoque: Payday (PDF) Spanish language magazine published by CRL with an issue focusing exclusively on payday lending. April 8, 2016 New Economy Project New Economy Project and Allies Go to DC to Demand Strong Payday Lending Rule Community and clergy leaders from Paydayfreelandia call on CFPB to issue strong …
The Pit of Despair in Atlanta, Georgia
It was perhaps an appropriately rainy day in Georgia as Rise Up Georgia and Jobs with Justice brought out the Pit of Despair in Atlanta, helping consumers visualize the debt trap that drowns so many payday bowers in debt. People lined up to fall into the pit and to tell the Consumer Financial Protection Bureau to finally propose a rule …
Payday News, week of April 1, 2016
Partner blogs, posts & press releases: March 29, 2016 Leadership Conference on Civil and Human Rights Letter to Rep. Wasserman Schultz on the “Consumer Protection and Choice Act” “H.R. 4018 would impose a two-year moratorium on any rulemaking by the Consumer Financial Protection Bureau (CFPB) that would regulate “deferred presentment transactions” – better known as, but not limited to, so-called …
Payday News, week of March 25, 2016
March 24, 2016 Tampa Bay Times Florida’s payday lender law is no model, report concludes Florida regulations of payday lenders defended by Reps. Debbie Wasserman Schultz,Patrick Murphy and others have cost poor Floridians more than $2.5 billion in fees over the last decade, according to a new study. For more coverage: MarketPlace | Are payday loans hurting minorities? Reprints: Nashville …
Arizona Payday Lenders Caught Fraudulently Getting Petition Signatures
As reported in The Arizona Republic: Heavy lobbying …And it follows on the heels of an aggressive campaign to open up Arizona to flexible-credit loans. Backers of the quick-loan industry, many of whom offer payday loans in other states, hired Axiom, a lobbying and consulting firm with ties to Ducey, to shepherd the bill through the Legislature. Industry representatives have …
Payday News, week of March 18, 2016
Highlights: March 18, 2016 US News (Gynnie Robnett and Gabriel Hopkins) The Death Trap of Debt-Trap Lending Race car driver Scott Tucker is facing consequences for his payday loan scam, but too many debt-trap lenders aren’t. March 15, 2016 Eurweb Consumer Protection and Choice Act: Friend or Foe? Americans for Financial Reform, a nonprofit consumer advocacy organization determined that since …
Baylor University Students: We Need To Close The Payday Lending Pit Of Despair
The Waco, TX, CBS affiliate KWTX reported on the Pit of Despair at Baylor University, focusing their attention on students who take out payday loans to help cover student debt repayment. It was also highlighted as the Waco Tribune-Herald’s photo of the day. Students brought out the Pit of Despair, a visual depiction of the payday lending cycle of debt …