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.
Search Payday Lending - Policy & Legislation
Browse Payday Lending - Policy & Legislation
- CRL and NCLC Comments on Wells Fargo Payday Lending and CRA Examination
November 29, 2012Wells Fargo's direct engagement in payday lending should have a significant negative impact on their upcoming Community Reinvestment Act evaluation.
- H.R. 6139: Payday Lender Carve-out Will Undermine Consumer Financial Protection Bureau and States
August 27, 2012Carve-outs for payday lenders will undermine state protections and CFPB.
- CRL's Testimony: A National Payday Charter Is A Bad Idea
July 24, 2012Testimony of Kenneth W. Edwards Vice President of Federal Affairs, Center for Responsible Lending, before the House of Representatives Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit in regards to hearing on Examining Consumer Credit Access Concerns.
- Comments to CFPB on Overdraft Practices
July 6, 2012CRL joined with CFA and NCLC to provide the CFPB (Consumer Financial Protection Bureau) with documentation of bank overdraft practices and their impact on consumers. The CFPB should stop banks from reordering transactions and should prohibit overdraft fees on debit card transactions, which can easily be declined at no cost.
- Oppose HR 1909--Don’t Undermine State, Federal Consumer Protections
July 5, 2012HR 1909 will move oversight of non-bank lenders from the CFPB to the OCC, allow the OCC to charter nonbank lenders like those that offer 400% payday loans, and preempt stronger state laws nationwide.
