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Payday lenders survive by keeping customers caught in long-term debt.  In 2006, Congress acted to protect military families from this predation by prohibiting payday and title lenders from charging higher than 36 percent APR.  However, military families remain vulnerable to payday loans from banks, and Congress has not broadened the protections in the Military Lending Act to cover civilians, leaving the millions of Americans who live in states without protections vulnerable to predatory payday and car title lenders.

Browse Payday Lending - Policy & Legislation - Congress
  • Testimony: Seniors Vulnerable to Predatory Payday Loans
    Published: Jul 24 2013      Issue: Bank Payday Loans, Payday Loans

    Rebecca Borné, senior policy counsel for CRL, testifies on the harms of payday loans and how seniors are particularly vulnerable. The Senate Special Committee on Aging held this hearing to examine...

  • U.S. Senators ask Regulators to Stop Bank Payday Lending
    Published: Jan 7 2013      Issue: Bank Payday Loans, Payday Loans

    Five U.S. Senators have asked the OCC, the FDIC and the Federal Reserve to stop the banks under their respective jurisdictions from making predatory payday loans. At least four big banks have...

  • H.R. 6139: Payday Lender Carve-out Will Undermine Consumer Financial Protection Bureau and States
    Published: Aug 27 2012      Issue: Payday Loans

    Carve-outs for payday lenders will undermine state protections and CFPB.

  • CRL's Testimony: A National Payday Charter Is A Bad Idea
    Published: Jul 24 2012      Issue: Car Title Loans, CFPB, Installment Loans, Payday Loans

    Testimony of Kenneth W. Edwards Vice President of Federal Affairs, Center for Responsible Lending, before the House of Representatives Committee on Financial Services Subcommittee on Financial...

  • Military and Payday
    Published: Nov 22 2010      Issue: Payday Loans

    Military and Payday: Congress acted to protect military families from this predation by including a measure in the Defense Authorization Act of 2006 that prohibits payday and title lenders from...

  • Interest Rate Survey
    Published: Mar 30 2009      Issue: Car Title Loans, Payday Loans

    CRL conducted a national survey to measure public support for one strategy on the table: a 36 percent cap on annual interest rates for consumer loans. The survey found high levels of support for...

  • A 36% APR Cap on High-Cost Loans Promotes Financial Recovery
    Published: Jan 31 2009      Issue: Payday Loans

    Explains the importance of a federal 36% interest rate cap in stopping predatory lending and stimulating the economy.