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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- 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.
- Mainstream banks making payday loans
Published: Feb 24 2010 Issue: Payday Loans
National 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...
- Congressional Proposal Would Curb Overdraft Abuses; Fed’s Rules Fall Far Short
Published: Feb 2 2010 Issue: Overdraft Loans
Chart comparing Federal Reserve rules and proposed legislation to curb overdraft abuses.
- Testimony: Michael Calhoun testifies on overdraft before the Senate
Published: Nov 19 2009 Issue: Overdraft Loans
Center for Responsible Lending president Michael Calhoun testified before the U.S. Senate Banking Committee on November 17, 2009, calling on support for reforming overdraft bank fees. Debit card...
- The Overdraft Protection Act of 2009
Published: Oct 29 2009 Issue: Overdraft Loans
Eric Halperin, director of CRL's DC office, submitted testimony to the Financial Services Committee of the U.S. House on H.R. 3904, the Overdraft Protection Act of 2009. He called the Act a crucial...