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 …

28 Senators call for CFPB to strengthen payday lending rule

28 Senators, led by Senators Brown Coons, Durbin, and Merkley, signed onto a letter in support of a strong final CFPB small-dollar lending rule. The detailed letter is a powerful call to the CFPB to strengthen its final rule and ensure that we stop the debt trap. Read the full letter. “We believe that the CFPB’s efforts will help to …

Payday News, week of February 12, 2016

February 12, 2016 Bloomberg Top CFPB Official Defends Federal Efforts on Payday Lending A top official at the Consumer Financial Protection Bureau (CFPB) defended the agency’s regulatory steps on payday lending during a congressional hearing that explored preemption and state regulation of short-term, small-dollar products. February 10, 2016 Reuters U.S. payday lending crackdown brings race car driver’s arrest An indictment …