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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- Banks Collect Overdraft Opt-Ins Through Misleading Marketing
Published: Apr 26 2011 Issue: Overdraft Loans
A Center for Responsible Lending survey indicates that most consumers do not want high-cost overdraft coverage for their checking accounts, and that opt-ins are largely based on aggressive and...
- Military and Payday
Published: Nov 22 2010 Issue: Payday Loans
Military and Payday: Congress acted to protect military families from this predation by including a measure in the Defense Authorization Act of 2006 that prohibits payday and title lenders from...
- Map of US Payday Stores per Household
Published: Nov 1 2010 Issue: Payday Loans
This color-coded map of payday stores by household reveals a disturbing pattern. Southern states are among the most targeted for these high-cost, low-dollar loans.
- Joint Letter Urging OCC to Curb Overdraft Abuse
Published: Oct 13 2010 Issue: Overdraft Loans
The Center for Responsible Lender added its signature to a letter from national consumer organizations asking the Office of the Comptroller of the Currency (OCC) to adopt stricter overdraft...
- Comment Letter on FDIC's Proposed Overdraft Guidance
Published: Sep 27 2010 Issue: Overdraft Loans
CRL and other consumer advocates filed a comment letter with the FDIC supporting most aspects of the agency's proposed guidance on overdraft. The groups also made recommendations on how the agency...