The Payday industry trade group Consumer Credit Research Foundation (CCRF) paid for a 2011 study conducted by Arkansas Tech University and edited it to fit their purposes, according to the Campaign for Accountability (CfA) report, Academic Deception. The records released by the CfA report show that the CCRF paid Professor Anthony Fusaro at least $39,912 to author a report titled …
Pentagon Defends Troops From Payday Lenders, Veterans Left In The Lurch
The Defense Department called payday lending a threat to military readiness and as far back as 2006, stepped in to try to stop it, but the payday loan industry punched its way through every loophole it could find. Then in October of this year, the Defense Department updated the Military Lending Act by setting a strong 36% rate cap on …
Payday and car title lenders scam $502 million per year off of Ohioans
The Center for Responsible Lending has released a new study examining payday and auto title lending practices in Ohio. The study, entitled Buckeye Burden: An Analysis of Payday and Car Title Lending in Ohio, found that the triple-digit interest rate these loans entail drain more than $502 million in fees from Ohioans annually.
Payday News Stories, Week of October 31, 2015
October 29 Washington Post Online Should the post office also be a bank? The article discusses the potential for the U.S. Postal Service to provide banking services and to serve as an alternative to payday lenders in offering short-term loans to consumers in need. Support for the recommendation is growing, as advocates call for safer and more sustainable options for …
The Pit of Despair goes to Michigan
AFR’s two-dimensional art piece “the Pit of Despair” traveled to Detroit for Michigan United’s annual conference. This “street theater” illustrates the hazard that short-term, high interest loans present to working families. The conference attracted over 400 attendees including labor groups, and legislators such as US Representative Debbie Dingell and a multitude of state senators and representatives. Detroit passersby were offered …
Payday News Stories, Week of October 24, 2015
Oct 24 The Gadsden Times Editorial The numbers are astonishing. In the first 10 weeks that payday lenders had to record their transactions on a statewide database, Alabamians took out 462,209 payday loans. Based on those numbers, Alabamians are on course to take out just over 2.4 million payday loans on an annual basis. October 10 Greenville News Online Column: …
Cheaper By The Dozen
The watchdog organization Campaign for Accountability has filed a complaint with the Office of Congressional Ethics requesting an investigation into whether 11 members of the House illegally colluded with the payday lending industry. Their complaint stems from a report titled “Cheaper by the Dozen” released on September 30th. The report shows how the lawmakers in question took formal action in …
Payday News Stories, Week of October 16, 2015
October 15, 2015 Atlantic Online If the U.S. Government Treated Poor People as Well as It Treats Banks October 6, 2015 National Journal Watchdog Files Ethics Complaints Against 11 Members Over Payday-Lender Support For more coverage: October 5, 2015, Campaign for Accountability | CfA Files Ethics Complaint Against 11 Members of Congress Alleging Collusion with Payday Loan Industry October 9, …
Which Congressmen Did Favors for Payday Lenders Within Days of Receiving Their Money?
Recently, the organization Allied Progress released a new report, Cheaper By the Dozen, highlighting the relationship between members of Congress and the payday lending industry. The report covers a dozen members of the House of Representatives who, since 2011, have received at least $25,000 in campaign contributions from the payday lending industry and have taken action in support of the …
Payday News Stories, Week of October 9, 2015
October 2, 2015 Huffington Post How to Protect the Working Poor From 300 Percent Interest Rates October 2, 2015 Reuters Online U.S. payday lending probe targets Philadelphia-area businessman: records October 2, 2015 Washington Examiner Online Obama’s Postal Service nominees opposed by labor, civil rights groups October 2, 2015 Telegraph Online Political Notebook: New program focuses on helping military October 2, …