Highlights Regulations Targeting Payday Lenders are Necessary: Regulations Can Do an Awful Lot of Good October 11, Tulsa World Federal regulators rolled out a long-awaited set of new rules for payday lenders last week, including a measure designed to prevent predatory companies from trapping poor people in debt they have no hope of ever repaying. Proposed Federal Rules Would Put …
Payday Loan Reform News September 2017
Highlight Payday Lenders Win Special Protections from Congress September 15, PaymentsJournal Faced with the opportunity to protect Americans from payday lenders and their 400 percent interest rate loans, a majority in the U.S. House of Representatives instead chose to side with America’s legalized loan sharks and give them special protections for their dangerous products. Top Stories Consumer advocates urge …
Banks want in on payday lending (again!) – but the public knows better
The Center for Responsible Lending (CRL) recently issued a brief highlighting the ways in which banks abused their customers,, using a practice known as advanced deposit loans. Six banks were making predatory payday loans to their own account holders until the FDIC stopped them in 2013. Wells Fargo, US Bank, Regions Bank, Fifth Third Bank, Bank of Oklahoma and Guaranty …
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 Reform in the News March 10
Highlight Linda Frame: WV sees through financial lobbyists; Manchin should too (Gazette) March 9, Charleston Gazette-Mail (WV) A project manager at WV Center on Budget and Policy asks Senator Manchin not to listen to lobbyists who want to weaken the CFPB. Top Stories House panel endorses storefront loan reforms March 10, Albuquerque Journal Legislation has been introduced in New Mexico …
Payday Reform News February 17
Highlight Local advocates continue to push back against state level efforts to allow predatory lending, while linking their state legislative work to the need to defend consumers and the CFPB at the national level: February 10, New York Daily News: Cage the sharks circling consumers Andy Morrison of the New Economy Project defends the CFPB and warns against a bill introduced …
Rural voters support the CFPB by a margin of 4 to 1
See the poll results here. Here’s something rural Americans and urban Americans have in common: a high regard for the Consumer Financial Protection Bureau and the work it’s doing to protect consumers against deceptive, unfair, and abusive lending and debt collection practices. Most voters in rural parts of the country believe that the financial industry is still too powerful and …
Payday News January 13
Highlight January 13, The Register-Guard: Protecting the little guy This editorial out of Oregon outlines the threats against the CFPB, mentions its action against payday lenders and supports its independence. Top Stories January 12, Huffington Post: Trump Moves Closer To Gutting Elizabeth Warren’s Consumer Watchdog Ben Walsh and Ryan Grim report that Trump spokesman Sean Spicer said that Trump is considering appointing …
Payday Reform News: July 29-August 5
Highlight of the week: August 4, Wisconsin Public Radio: Rally Against Payday Loan And Vehicle-title Lenders More than 100 activists from across the nation rallied at a Milwaukee payday loan storefront earlier this week demanding the Consumer Financial Protection Bureau properly regulate payday and car-title lenders with high interest loans. Partner Blogs and Statements: August 4, National Council of La …
AFR statement on CFPB online payday report
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 …