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The payday lending industry frequently supports what they call reform of their own industry in state legislative battles, because they know that most of the measures in debate will not slow the rate at which they can make repeat payday loans to the same borrower. Our report, Phantom Demand, shows how the industry depends on “churned” borrowers, those who have to take a new loan before their next payday, for three quarters of their business.

In public, payday lenders say their loans are for infrequent use. In private, they say things like this: "The theory in the business is you've got to get that customer in, work to turn him into a repetitive customer, long-term customer, because that's really where the profitability is." (Dan Feehan, CEO of Cash America, remarks made at the Jeffries Financial Services Conference, 6-20-07)

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  • CRL's Testimony: A National Payday Charter Is A Bad Idea
    Published: Jul 24 2012      Issue: Car Title Loans, Consumer Financial Protection Bureau, Installment Loans, Payday Loans

    Testimony of Kenneth W. Edwards Vice President of Federal Affairs, Center for Responsible Lending, before the House of Representatives Committee on Financial Services Subcommittee on Financial...

  • Oppose HR 1909--Don’t Undermine State, Federal Consumer Protections
    Published: Jul 5 2012      Issue: Payday Loans

    HR 1909 will move oversight of non-bank lenders from the CFPB to the OCC, allow the OCC to charter nonbank lenders like those that offer 400% payday loans, and preempt stronger state laws nationwide.

  • Oponga a HR 1909--No debeliten las protecciones estatales y federales mejores para los consumidores
    Published: Jul 5 2012      Issue: Payday Loans

    En la raíz de HR 1909 y otros proyectos de ley similares, se encuentra una campaña federal coordinada por los prestamistas afuera de los bancos diseñada para eludir la nueva supervisión federal...

  • FDIC Promises Investigation of Bank Payday Lending
    Published: May 31 2012      Issue: Bank Payday Loans, Payday Loans

    The FDIC has promised that to make investigation of bank payday lending a priority investigation. In response to a letter submitted by 250 advocates, Acting Chairman Martin Gruenberg said the...

  • Comments to the Consumer Financial Protection Bureau on Payday Lending Abuses
    Published: Apr 23 2012      Issue: Consumer Financial Protection Bureau, Payday Loans

    Comments to the Consumer Financial Protection Bureau on payday lending abuses on behalf of several organizations concerned about the documented abuses of payday lenders.

  • Letter to Bank Regulators: Stop Bank Payday Lending
    Published: Feb 22 2012      Issue: Payday Loans

    Two hundred and fifty national, state and local organizations and individual advocates have asked bank regulators to stop banks from making predatory payday loans, which carry triple-digit annual...

  • Predatory Payday Lending
    by Banks on the Rise

    Published: Dec 2 2011      Issue: Payday Loans

    Four big banks are making payday loans to customers, stripping funds from their checking accounts in a cycle of debt near 400% annual interest.

  • AFR Sign-on to OCC on Overdraft and Bank Payday
    Published: Aug 9 2011      Issue: Overdraft Loans, Payday Loans

    Consumer groups fear OCC proposed guidance may legitimize and facilitate the spread of payday lending by national banks, and banks would continue abusive overdraft practices—harming bank customers,...

  • Big Bank Payday Loans
    Published: Jul 21 2011      Issue: Payday Loans

    A new CRL report describes how banks are adding predatory payday loans to their arsenal of inappropriate loan products. These loans drain cash from low-income Americans.

  • Payday Loans S. A.: Corto en crédito, largo en deuda
    Published: Mar 31 2011      Issue: Payday Loans

    Informe del CRL que revela el impacto del uso de largo plazo de los présamos del día de pago y el daño que el molino de deuda causado por este típo de préstamo tiene en las familias del país.

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