Highlights A new CFPB payday rule wins an economic battle, but not a war: Black America must still fight predatory lenders October 18, 2017, the Chicago Crusader In recent days, general market news has reported on the Consumer Financial Protection Bureau’s (CFPB) new rule to rein in harmful practices by payday lenders. The announcement came after years of research by …
Dear Payday Lenders, Maine Just Isn’t That Into You
Read the polling memo here. According to a new poll, only 6% of Maine residents think of payday lenders positively, and most support payday lending reform. There are more Mainers who dislike the New England Patriots than Mainers who oppose reforming payday loans. These sentiments reach across the partisan divide, as 76% of Trump voters and 86% of Clinton voters …
Payday Loan Reform News – October 11
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 – 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, …
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 …
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 17
Highlight They’re Back! Loan Sharks Circling Again March 15, Arkansas Online Strong editorial backing lawmakers in their work to keep CashMax from getting borrowers caught up in “involuntary servitude.” Top Stories Huge majority of Ohioans want payday lending reform – now legislature must act: Brent Larkin March 16, Cleveland.com A new poll commissioned by The Pew Charitable Trusts …
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 …