December 8 Waco Tribune Payday lending limits win public support, head to Waco council A draft ordinance to regulate payday and auto title lenders is headed for the Waco City Council next month after it won strong support at a public meeting Tuesday. December 7 Waco Tribune Waco wants public input on ‘predatory’ payday lending law The public is invited …
Payday News Stories, Week Ending December 3rd, 2015
November 30 Business First Ohio payday lender cuts jobs, blames new regulations The payday lending business Community Choice Financial Inc. claims to be letting go of employees due to impending restrictions on the industry. November 20 The Nation Payday Lenders Keep Evading Their Regulators. Can Anyone Stop Them? The article highlights how loopholes in payday lending regulations allow lenders to …
Payday News Stories, Week of November 20, 2015
November 18 Portsmouth Daily Times Brown comes out against predatory loans Ohio Senator Sherrod Brown comes out against predatory payday and car title lenders. For more coverage: November 18 | Cleveland.com | With more payday lenders than McDonald’s, a crackdown is needed now, U.S. Sen. Sherrod Brown says November 18 The Dallas Weekly Ohioans Lose over $500 million to Payday …
The Pit of Despair Opens Up in Indianapolis
At Purdue University’s Indianapolis campus, the Sociology Club of IUPUI and the U.S. Public Interest Research Group asked students what they thought of the hundreds of payday lenders that checker their state, ensnaring their neighbors with an average annual interest rate of 391%, according to a report from National People’s Action. At those rates, payday, car-title, and high-cost installment loans …
Payday News Stories, Weeks of November 7 and 14, 2015
October 29 Ballard Spahr LLP Commerce Clause Does Not Prevent Minnesota from Regulating Internet Loans Made to State Residents, Minnesota Supreme Court Rules The Minnesota Supreme Court recently ruled that the U.S. Constitution does not prevent the state from upholding its payday lending law in cases where online loans completed in Delaware were made to Minnesotan residents. October 31 Springfield …
Academics Shill for Predatory Lenders
The Payday industry trade group Consumer Credit Research Foundation (CCRF) paid for a 2011 study conducted by Arkansas Tech University and edited it to fit their purposes, according to the Campaign for Accountability (CfA) report, Academic Deception. The records released by the CfA report show that the CCRF paid Professor Anthony Fusaro at least $39,912 to author a report titled …
Pentagon Defends Troops From Payday Lenders, Veterans Left In The Lurch
The Defense Department called payday lending a threat to military readiness and as far back as 2006, stepped in to try to stop it, but the payday loan industry punched its way through every loophole it could find. Then in October of this year, the Defense Department updated the Military Lending Act by setting a strong 36% rate cap on …
Payday and car title lenders scam $502 million per year off of Ohioans
The Center for Responsible Lending has released a new study examining payday and auto title lending practices in Ohio. The study, entitled Buckeye Burden: An Analysis of Payday and Car Title Lending in Ohio, found that the triple-digit interest rate these loans entail drain more than $502 million in fees from Ohioans annually.
Payday News Stories, Week of October 31, 2015
October 29 Washington Post Online Should the post office also be a bank? The article discusses the potential for the U.S. Postal Service to provide banking services and to serve as an alternative to payday lenders in offering short-term loans to consumers in need. Support for the recommendation is growing, as advocates call for safer and more sustainable options for …