Payday Reform News: October 15-24

Highlight October 23, The Brownsville Herald: Texas Appleseed Cites Loan Model Launched in Brownsville Texas Appleseed’s recent report includes the business model and loan program that Brownsville, TX uses to provide alternative financial services to payday loans. Top Stories October 24, Martinsville Bulletin: Letter to the Editor: Time for a change A letter to the editor calls on Virginians to …

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: 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 …

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 …

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 …

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 …