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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- CRL and Other Groups Comment on Clarifications to Fed's Opt-In Rule
March 30, 2010CRL and other consumer groups provide comment on the Federal Reserve’s opt-in rule and the proposed changes to Regulation DD.
- National Bank Regulator Enabled Overdraft Abuses
February 24, 2010The OCC has acknowledged problems with bank overdraft systems but has allowed the banks they regulate to use them.
- Mainstream banks making payday loans
February 24, 2010National bank regulator, the OCC, must stop this trend before it takes off among more national banks, making millions vulnerable to predatory loans even in states that don't allow it from payday lending stores
- National Bank Regulator Enabled Overdraft Abuses
February 24, 2010The OCC has acknowledged problems with bank overdraft systems but has allowed the banks they regulate to use them.
- Congressional Proposal Would Curb Overdraft Abuses; Fed’s Rules Fall Far Short
February 2, 2010Chart comparing Federal Reserve rules and proposed legislation to curb overdraft abuses.
