Policy & Legislation
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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- 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,...
- 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.
- Comment: Proposed Rule Regarding Unfair or Deceptive Acts or Practices – Overdraft Practices
Published: Aug 4 2008 Issue: Overdraft Loans
Overdraft comment letter
- Comments on proposed Regulation DD amendments re Overdraft Lending
Published: Jul 18 2008 Issue: Overdraft Loans
America, Consumers Union, and the National Consumer Law Center, provide the following comments regarding the Federal Reserve Board’s proposed rule to amend Regulation DD pursuant to the Truth in...
- Require opt-in for overdraft
Published: Jun 13 2008 Issue: Overdraft Loans
CRL discusses importance of requiring banks to get explicit permission from customers before enrolling them in high-cost overdraft.