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 – October 2

Highlight: Guest opinion: Montana's payday lending law at risk in Congress September 29, Billings Gazette Payday loans continue to ensnare their communities in cycles of debt with false promises of fast cash. The Consumer Financial Protection Bureau has been reining in these loans when they break the law and is planning to release further protections for borrowers of these loans, …

More Than 100 House Members Send Letter Urging Strong CFPB Payday Rule

Members Applaud Bureau for First Step in Regulating Small-Dollar Lending Industry Washington, D.C.- Today, 104 House Members, led by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, sent a letter to the Consumer Financial Protection Bureau (CFPB) urging it to adopt a strong final payday lending rule and close loopholes that harm consumers. Congress gave the …

Payday Reform News: September 10-16

Highlights September 13, My News LA: Californians paying over $700 million in payday loan fees On September 12th, California’s Board of Supervisors unanimously voted to support reform for predatory lending practices, stating that borrowers in California are paying over $700 million on their loans each year, including fees. More Coverage: Los Angeles Wave: Payday Lenders May Face New Regulations Top …

Cities Demand the CFPB Strengthen the Payday Lending Rule

Cities around the country are passing resolutions telling the CFPB to strengthen its rule to rein in abuses by the payday lending industry. In Pennsylvania and New Jersey, municipalities are calling on their state capitals to stand strong against industry lobbyists, and want a stronger CFPB rule that protects their already strong state caps. Philadelphia, Pennsylvania Essex County, New Jersey …

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 …

Rep. Waters Releases Report: Five Tactics Payday Lenders Use To Evade State Consumer Protection Laws

Representative Maxine Waters (D-CA), Ranking Member on the House Financial Services Committee, recently released a report exposing five tactics used by payday lenders to evade state consumer laws. Titled “Skirting The Law: Five Tactics Payday Lenders Use To Evade State Consumer Protection Laws,” the report highlights underscores the need for strong federal protections. For example: Ohio: Had previously enacted the …