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 …
New Poll: Ohio voters loathe payday lenders
A poll of Ohio voters released last week confirmed what we already knew: people really don’t like payday lenders, and really want regulation to protect themselves from the debt trap. See the full poll data here And read the COHHIO summary of the poll here The Coalition on Homelessness and Housing in Ohio (COHHIO) the poll, finding that 70% of …
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 …
The American People Really Really Really Don’t Like Payday Lending
By Huge Margins, Voters Support More Regulation to Stop the Payday Debt Trap A used car salesman, a Wall Street banker and a payday lender walk into a bar. If the bartender is anything like most Americans, that payday lender might have a tough time getting a drink. No One Likes Payday Lenders Payday Lending Poll Memo June 2016 Payday …
Payday Reform News: Week of May 31
May 27, 2016 Kansas City Star Hopes soar on effort against payday loans Other Top Stories: May 31, 2016 Columbia Missourian CARL KENNEY: It’s time to stop financial predators from gouging the vulnerable Payday lenders are gangsters protected by our state government. They wreak havoc on families who make the decision to pay high interest rates because they have few …
Payday News, week of May 20, 2016
May 18, 2016 The Wall Street Journal CFPB to Propose Payday-Loan Rule on June 2 The Consumer Financial Protection Bureau set June 2 as the day it will propose a long-awaited rule to curb payday lending, moving a step closer to implementing the first federal regulation for an industry now overseen by states. More Coverage: The Kansas City Star | …
New Mexicans learn how to Be A Rule Changer in Gallup
New Mexico- On April 9th, the Pit of Despair was hosted by the South West Center for Economic Integrity at the Gallup Convention Center in the city in the center of the Navajo Nation. Sharkie, a predatory payday lender, found an accommodating habitat in the desert town of Gallup. How can a shark thrive in the desert? By swimming through …
Payday News, week of May 14, 2016
Payday News, May 15 – 22 To see most of this listing in blog form here. This week’s highlight: Google announced last Wednesday that it’s putting an end to search ads for payday loans. The story grabbed a lot of media attention: Twitter: .@google is banning search ads for payday loans. Here’s why civil rights groups are happy about it: …
Payday News, week of May 7, 2016
Payday News, May 2 – 6 May 3, 2016 The Oregonian Bankrupt cancer survivor gets shock: $300 loan balloons into $40,000 debt in 2 years Ms. Banks has run up against a practice in the payday and title loan industry that consumer advocates are trying to change. More coverage: Raw Story | Oregon cancer survivorís payday loan balloons from $300 …
Payday News, week of April 22, 2016
Partner blogs, posts & press releases: April 20, 2016 Center for Responsible Lending (CRL) New CFPB Report Details Financial Harms Caused by Payday Lending Today the Consumer Financial Protection Bureau (CFPB) released a new report that proves how high-cost fees on small-dollar loan create rather than resolve financial challenges for borrowers. April 20, 2016 Consumer Federation of America (CFA) CFPB …