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
- Comments on NCUA's Notice of Proposed Rulemaking on Short-term, Small Amount Loans
Published: Jul 6 2010 Issue: Payday Loans
Comments of the Center for Responsible Lending on the Notice of Proposed Rulemaking on Short-term, Small Amount Loans from National Credit Union Administration--12 CFR Part 701--RIN 3133-AD71....
- Guidance to OTS on Overdraft Protection Programs
Published: Jun 28 2010 Issue: Overdraft Loans
CRL’s, Consumer Federation of America and the National Consumer Law Center’s comment letter to the OTS regarding the agency’s Supplemental Guidance on Overdraft Protection Programs.
- CRL Comment Letter on Garnishment of Federal Benefits
Published: Jun 18 2010 Issue: Overdraft Loans
CRL and other consumer groups provide comment on the Office of Personnel Management's proposed rule regarding garnishment of federal benefits.
- CRL and Other Groups Comment on Clarifications to Fed's Opt-In Rule
Published: Mar 30 2010 Issue: Overdraft Loans
CRL 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
Published: Feb 24 2010 Issue: Overdraft Loans
The OCC has acknowledged problems with bank overdraft systems but has allowed the banks they regulate to use them.