Policy & Legislation

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Battles rage across the country between the payday lending industry and coalitions of citizens groups who are increasingly insisting they will not accept 400 percent interest lending. Fifteen states plus the District of Columbia have outlawed triple-digit interest, and two states rejected them in ballot measures last November – Ohio and Arizona, which becomes the sixteenth state to put a stop to the predation through an interest rate cap as of July 2010.

Other than protecting military families with a 36% APR cap on small predatory loans, Congress has not yet moved to expand reforms across the country, and some big national banks are beginning to get into the business with loans that are virtually indistinguishable from storefront payday loans.

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  • Senate bill S 1799 would reform out-of-control overdraft practices
    Published: Oct 23 2009      Issue: Overdraft Loans

    The Center for Responsible Lending strongly supports the FAIR Overdraft Coverage Act as it would represent a major advance in overdraft reform.

  • Key protections in H.R. 1456 - Consumer Overdraft Protection Fair Practices Act
    Published: Mar 30 2009      Issue: Overdraft Loans

    Listing of major elements in HR 1456, introduced by Rep. Maloney

  • 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...

  • Comments on Regulation E—Overdraft Practices
    Published: Mar 30 2009      Issue: Overdraft Loans

    The Center for Responsible Lending, along with Consumer Action, Consumer Federation of America, Consumers Union, National Association of Consumer Advocates, National Consumer Law Center (on behalf...

  • Support HR 1456
    Published: Mar 12 2009      Issue: Overdraft Loans

    On March 12, 2009, Representative Carolyn Maloney, Chairwoman of the Financial Institutions Subcommittee (D-NY), and Representatives Ackerman, Miller of North Carolina, Ellison, Speier, Tierney,...

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