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: September 3-9
Highlights: September 7, AZ Central: Our View: Why The Feds Must Regulate Payday Loans This is an editorial piece that stresses the need for the CFPB to take action on predatory lending, due to the harm it has caused to families and the local economy with many states’ current laws enabling these practices. The author urges Arizona state legislators to …
Payday Reform News: August 27-Sep 2
Highlights August 30, Arizona Capitol Times: Stop triple-digit interest rates for good This opinion piece from Diane Brown and Kelly Griffith recount Arizona’s 2008 ballot measure defeating the payday industry’s attempt to keep triple-digit interest rates legal in Arizona. It mentions PIRG’s August report showing 91% of consumer complaints on payday to the CFPB show evidence of the unaffordability of …
Predatory Lenders Plot to Sabotage New CFPB Rules
by Amit Narang, Public Citizen A couple weeks ago, VICE did some incredible and shocking reporting about an attempt by the predatory payday lending industry to sabotage proposed rules designed to finally rein-in industry practices that have ruined lives by trapping far too many Americans into endless cycles of debt. Payday lenders take advantage of consumers by charging astronomical interest …
Payday Reform News: August 19-26
August 19, Progressive Pulse, NC POLICY WATCH: Today’s “must read”: How a progressive stance on one issue is saving NC residents more than $450 million per year This blog post summarizes CRL’s research showing that state’s without payday lending save $2.2 billion per year. Evidence from CRL and others shows that borrowers in these states find alternatives that are cheaper, …
Payday Reform News: August 13-19
Highlight: August 17, North Dallas Gazette: Faith Leaders Call for End to Abusive Payday Lending Practices This article summarizes the opinions of faith leaders on the CFPB rule regarding payday. The author mainly focuses on the faith leader’s joint criticism of the rules many loopholes. The author focuses on the 6-loan loophole for the majority of the article, as faith …
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 …
How Latino Communities Are Responding to Payday Loansharks
Payday loans, though advertised as a quick fix to money problems, thrive off of stripping hard-earned money from the country’s most fiscally vulnerable populations, including Latino/as. Payday lenders target the Latino community, checkering neighborhoods with storefronts to trap unsuspecting consumers into cycles of debt, as maps of Florida cities show in the Center for Responsible Lending’s Perfect Storm report. Because …
Small Businesses Call on the CFPB to Protect Consumers
Predatory lending practices, like payday and car title lending, make small business owners like David Borris anxious because lenders drain hard-earned money from customers out of the community. Borris, owner of Hel’s Kitchen Catering in Illinois, says, “the success and well-being of a small business are inextricably tied to the success and welfare of its community. When consumers turn to …