Highlight A Gallery of Deregulators August 3, Jacobin The Office of the Comptroller of the Currency (OCC), which grants federal charters to banks, began accepting applications on Tuesday from financial technological (or “fintech”) firms like robo-stock advisors such as Betterment or lenders like SoFi or Lending Club. Other News Kristen Gillibrand Has an Ambitious Plan to Take on Payday Lenders: …
Payday Loan Reform News – July 16
Highlight Why are payday loans so popular with the military? July 11, American Banker Short-term lending products bridge a financial gap for their users, but the rates that lenders charge — and sometimes obscure as fees — can verge on predatory. Most consumers avoid these products, but active members of the military seem to embrace them. More News Latest battle …
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 …
Two different trials of payday lenders, same old story
Payday lenders Scott Tucker and Charles Hallinan are each facing trials for doing what payday lenders do best: cheating consumers out of their hard earned paychecks. Hallinan and Tucker have each been charged for veiling their businesses as other entities to enter the payday loan market in states where payday lending is illegal or restricted. In Hallinan’s case, he allegedly …
Congress Attacks Consumer Bureau With Wrong CHOICE Act, But Consumers Fight Back
Communities across the country have been fighting for years against the impact of payday lending, urging their state officials to stop the debt trap in its tracks. On the federal front, the Consumer Financial Protection Bureau (CFPB) has clamped down on payday lenders who have broken state laws, resulting in relief for thousands of Americans who were stuck in a …
Payday News January 23
Highlight January 18, Billings Gazette: Guest Opinion: Don’t Muzzle U.S. Consumer Watchdog Katie Sutton of the Montana Organizing Project defends the CFPB noting the strong support from Montana for the payday lending rule last fall. Top Stories January 23, Salt Lake Tribune: Only 3% of Utah campaign money came from constituents, 92% from special interests An article about campaign contributions in Utah …
Payday News December 31-January 6
Highlight January 4, St. Louis American: What will you lose if you lose consumer financial protection? CRL’s Charlene Crowell discusses the threats to the Consumer Financial Protection Bureau and the benefits it has brought to consumers during its existence. More Coverage: Morning Consult: Time to Stand Up for Federal Agency That Delivers on Its Promises Common Dreams: Consumer Bureau Under Attack Partner Releases …
Payday News December 17-22
Highlight December 21, Real Estate Rama: Don’t Let Payday Loans Turn Your Holiday Dreams Into A Nightmare This consumer warning piece quotes the president of Woodstock Institute, uses the material about what holiday toys would cost if bought with payday loans and promotes a strong payday rule from the CFPB. More Coverage: Taos News: Be mindful of the Darker Side of Holidays …