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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  • Advocates Support Proposed Restrictions on Bank Payday Lending
    Published: May 30 2013      Issue: Bank Payday Loans, Payday Loans

    CRL and allies urge the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) to implement and strengthen their proposed guidance to restrict "deposit...

  • All Federal Credit Unions Should Shun Payday Lending
    Published: May 16 2013      Issue: Bank Payday Loans, Payday Loans
  • Banks Should Disclose Overdraft Fees
    Published: May 9 2013      Issue: Overdraft Loans

    Today banks are allowed to report overdraft fees as part of general service charge income, but CRL supports greater transparency. In this comment letter to the Federal Financial Institutions...

  • Renewed Call for Federal Action Against Bank Payday Loans
    Published: Mar 13 2013      Issue: Bank Payday Loans, Payday Loans

    Federal regulators should take immediate action to stop unaffordable, high-cost payday lending by banks. That is the key message from more than 260 groups and individuals in a letter to the heads...

  • How Payday Lending by Banks Violates Safety & Soundness Standards
    Published: Feb 28 2013      Issue: Bank Payday Loans, Payday Loans

    Banks that do payday lending (a.k.a. "Direct Deposit Advances") are engaging in risky behavior. This legal brief offers legal precedents and shows why banking regulators responsible for monitoring...

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