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 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.
- Banks in California cannot deduct overdraft fees from Social Security benefits
Published: Jan 22 2007 Issue: Overdraft Loans
CRL's amicus briefs in support of the plaintiff class in Miller v. Bank of America. CRL argues that California law concerning banks' set-off powers forbid banks from deducting overdraft fees from...