Payday Loan Reform News – July 9

Highlight Trump Administration War on CFPB Is Bad News for Communities of Color July 7, Common Dreams Two years into the Trump administration, communities of color — and anyone using financial products, for that matter – are losing hope of finding an independent, dogged champion in Trump’s iteration of the Consumer Financial Protection Bureau. A brain-child of Senator Elizabeth Warren, …

Payday Loan Reform News – July 2

Highlight   AG Joins Effort To Fight Legislation Terminating States’ Ability To Prevent Abusive Lending Practices June 28, Los Alamos Daily Post The coalition of 20 AG’s sent a letter to leadership in the U.S. Senate expressing their opposition to the proposed legislation, which would invalidate the States’ ability to limit interest rates on payday and other high interest loans, …

Payday Loan Reform News – June 26

  Highlight   Slate Belt rep puts the brakes on exploitative payday lending plan June 25, Patriot News The House Commerce Committee quietly put the brakes on a truly awful bill that would have opened the door to high-interest, storefront payday lending in Pennsylvania.   More News   Class turns to crass June 25, Bucks County Courier Times With consumer …

Payday Loan Reform News – June 18

  Highlight   Federal judge rejects CFPB’s effort to halt payday rule June 13, American Banker A federal court dealt a blow to efforts by the Consumer Financial Protection Bureau to slow down the agency’s payday lending rule. U.S. District Judge Lee Yeakel on Tuesday denied the request by acting CFPB Director Mick Mulvaney that the court delay the payday …

Trump’s CFPB Director Nominee is Ploy to Keep Mulvaney at Helm

For Immediate Release June 18, 2018 CFPB Director Nominee is Ploy to Keep Mulvaney at Helm WASHINGTON, D.C. – After nearly seven months of “Acting Director” Mick Mulvaney’s reign that has rolled back commonsense safeguards that held banks, payday lenders, and other bad actors on Wall Street accountable to families and taxpayers, the Trump Administration announced its plans Saturday to nominate Kathy …

Court to CFPB: Payday Lending Rule Compliance Date Stays Intact

For Immediate Release June 12, 2018 Contacts: Center for Responsible Lending: ricardo.quinto@responsiblelending.org (202) 349-1866 Public Citizen: abradbery@citizen.org, (202) 503-6768 National Consumer Law Center: jkruse@nclc.org (617) 542-8010 Americans for Financial Reform: carter@ourfinancialsecurity.org (202) 869-0397 Court to CFPB: Payday Lending Rule Compliance Date Stays Intact WASHINGTON, D.C. – The U.S. District Court for the Western District of Texas today ruled against the …

Payday Loan Reform News – June 11

Highlight   We Need the CFPB’s Rule to Stop Payday Loan Debt Traps June 5, The Morning Consult One of the essential functions of government is to prevent the wealthy from exploiting the poor. This administration should start fulfilling that function and keep their hands off the Payday Rule.   Other News   Five ways Mulvaney is cracking down on …

Payday Loan Reform News – June 5

Highlight   Consumer Advocates Ask Judge: Reject CFPB’s Request for Payday Loan Rule Delay June 5, Credit Union Times Four consumer groups are asking a federal judge to deny a request by the CFPB and a payday lending group to place a strict short-term loan rule on hold.   Other News   Assembly Speaker Robin Vos’s Payday Loan London Junket …

OCC Issues New Guidance on Bank Small Dollar Loans

Last month, the Office of the Comptroller of the Currency (OCC) issued a guidance that encouraged banks to jump into the small-dollar lending market. The guidance also expressed support for practices that help consumers; including emphasizing reasonable pricing, stressing that banks ensure borrowers have an ability to repay the loans, and warning of the danger of trapping consumers in cycles …