Highlight November 1, WABE 90.1: Georgia Supreme Court Rules Company Violated Payday Lending Ban The Georgia Supreme Court has ordered Western Sky Financial to pay $15 million, which is about the amount that the company took from borrowers since the case was first filed. More Coverage: The Atlanta Journal-Constitution: Georgia Supreme Court Blocks South Dakota Payday Lender Atlanta Business Chronicle: …
Payday Reform News: October 25 – 28
Highlight October 25, Grand Rapids Herald Review: Op/Ed: CFPB Should Strengthen Its Payday Loan Rules This opinion piece by Senator Al Franken (D-MN) includes a borrower story and urges the CFPB to crack down on the payday lending industry. The author commends the CFPB for the positive portions of the proposition, but also points out its flaws. More Coverage: Yahoo …
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 …
Payday Reform News: October 1-7
Top Stories October 7 Philadelphia Tribune, 1st Presbyterian panel discussion focuses on payday lending By Samaria Bailey Reports on September 29 event co-sponsored by Pennsylvania PIRG and One Less Foundation, a local organization. October 7 The Intercept, Google said it would ban all payday loan ads, it didn’t By David Dyen Reports on the payday industry’s use of “lead generators” …
Payday Reform News: September 24-30
Highlight September 28, New Brunswick Today: Federal Agency Wants Comments From Public on Payday Loan Rules The article states that the CFPB is accepting comments for payday lending reform, and provides details about the proposal. Partner Blogs & Press Releases Allied Progress: CFPB Must Closely Scrutinize Comments Opposing Proposed Payday Lending Rule Stop the Debt Trap: Stop the Debt Trap: …
Payday Reform News: September 17-23
Highlight September 19, KY3: Springfield City Council Asking Feds to Better Regulate Payday Loans The Springfield City Council decided to pass a resolution allowing the city to inform the CFPB that they must further regulate payday lending. There was a large presence of faith-based community members who came to express their concerns about how the payday lending industry has affected …
Payday Reform News: September 10-16
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 …
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 …
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 …