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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  • The Payment Plan Smokescreen
    Published: Jun 4 2007      Issue: Payday Loans

    Facing increasing scrutiny of the problems caused by payday lending, the industry trade group recently announced a new public relations campaign that claims to address the problem of loan flipping...

  • Support HR 946
    Published: Jun 1 2007      Issue: Overdraft Loans

    CRL endorses Rep. Maloney's HR 946 as effective reform of bank overdraft practices.

  • Comment: To Department of Defense on Military Lending Act
    Published: Feb 8 2007      Issue: Car Title Loans, Payday Loans

    Comments on Military Lending Act submitted to Department of Defense by Consumer Coalition on Feb. 5, 2007.

  • Small Loan CRA Comment
    Published: Feb 2 2007      Issue: Car Title Loans, Overdraft Loans, Payday Loans

    CRL Comment to the Federal Deposit Insurance Corporation on its proposed guidelines for affordable small-dollar loans.

  • CRL Review of "Defining and Detecting Predatory Lending" by Donald P. Morgan, Federal Reserve Bank of NY, January 2007
    Published: Jan 23 2007      Issue: Payday Loans

    CRL critiques faulty research report by Don Morgan, which attempts to compare states with and without payday lending but misidentifies many of those states.

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