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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  • 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...

  • Joint Letter in Support of FDIC Overdraft Proposals September 2010
    Published: Sep 27 2010      Issue: Overdraft Loans

    CRL and a cross-section of civil rights, labor, consumer, housing, community, business, and sustainable and responsible investor groups sent a joint letter to the FDIC expressing support for...

  • Federal Judge Orders Wells Fargo to Reimburse California Customers
    Published: Aug 10 2010      Issue: Overdraft Loans

    Federal court finds Wells Fargo's posting practices amounted to gouging and profiteering. This 90-page brief addresses Wells' checking account overdraft practices.

  • High-Cost Payday Lending Traps Mississippi Borrowers
    Published: Jul 26 2010      Issue: Payday Loans

    The state of Mississippi is gearing up for a legislative battle as the expiration of a law approaches in 2012. If the law sunsets as scheduled, payday lenders will no longer be exempt from a 36...

  • Payday lenders pose as brokers to evade interest rate caps
    Published: Jul 16 2010      Issue: Payday Loans

    In recent years, a growing number of states have enacted interest rate caps and other protections to eliminate abusive payday lending practices that trap consumers in long term debt. Payday lenders...

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