Payday Lending News
The latest news on payday loans and the payday lending industry from the Center for Responsible Lending.
- Payday Loans Could Cease in South Dakota
Argus Leader 14 Dec 2014
A coalition of nonprofit groups and activists in South Dakota are working with state Rep. Steve Hickey (R-Sioux Falls) in the hopes of effectively abolishing payday lending in the state.
- Comparing Apples to Oranges in Colorado Payday Loan Law
Credit Union Journal 12 Dec 2014
After Colorado changed the law in 2010 to require that payday loans be repayable in installments, the number of annual payday loans made in the state reportedly slumped from 1.57 million to 440,000.
- Council Urges Legislature to Cap Loans
Daily Times 03 Dec 2014
Councilors in Farmington, N.M., have passed a resolution asking the state legislature to place a 36 percent ceiling on interest charged by payday lenders.
- An Industry That Hasn?t Been Missed
Charlotte Observer (NC) 02 Dec 2014
The last of North Carolina's payday lending businesses closed in 2006, saving consumers there more than $1.2 billion in fees over the last eight years; but now the industry wants to reenter the state.
- United Way, TWU Work on Plan to Combat Payday Lenders
Denton Record-Chronicle 02 Dec 2014
The United Way of Denton County in Texas may move forward with an idea to build a community-lending center that would reduce the city's use of predatory loans.
- There Are More Payday Lenders in U.S. Than McDonald's
NBCNews.com 24 Nov 2014
The St. Louis Federal Reserve reports that more than 20,000 payday lending stores operate in the 36 states where the practice is allowed, easily outpacing the 14,267 McDonald's restaurants that are ...
- Democratic Bill Would Crack Down on Payday Loans to Active-Duty Military
WKSU.org (OH) 23 Nov 2014
Legislators in Ohio have drafted a proposal that aims to protect active-duty service members and military veterans from the shady dealings of payday lenders.
- Payday Loan Policy and the Art of Legislative Compromise
Colorado Independent 18 Nov 2014
As the Consumer Financial Protection Bureau (CFPB) considers federal regulations for payday loans, a Colorado law could serve as a model for compromise between industry interests and consumer ...
- Metro Eyes Limits on Where Payday Businesses Can Locate
Tennessean 03 Nov 2014
Payday lenders, check cashers, title loan stores, and pawn shops have enjoyed unrestricted growth in the Nashville area for years and are now heavily concentrated in low-income and working-class ...
- All Local Payday Loan Businesses Register With City
Midland Reporter-Telegram (TX) 03 Nov 2014
All payday lenders in Midland, Texas, have complied with a recent ordinance that requires them to register their business. There are 18 payday outlets locally that take in a total of $6.
- Endless Debt: Native Americans Plagued by High-Interest Loans
NBC News 31 Oct 2014
Several advocacy groups, including Human Rights Watch, suggest that Native American communities are burdened with predatory loans more than other U.S. communities.
- 1-In-4 Americans Turn to Payday Loans & Other High-Cost Financial Products
Consumerist 29 Oct 2014
About a quarter of American consumers last year turned to nontraditional financial service products like payday loans, pawn shops, car title loans, and refund anticipation loans, the FDIC has ...
- Auburn Study: Payday Lenders Target African-American Neighborhoods
AL.com 15 Oct 2014
A new study from Auburn University has found that Alabama has more payday lenders per capita than most other states in the country, many of them targeting low-income or predominantly African-American ...
- Online Lender CashCall Must Pay $1.5 Million to Iowans
Des Moines Register 06 Oct 2014
Iowa officials have brokered a settlement with online lender CashCall, which agreed to surrender its license and fork over $1.
- Payday Lender All American Doing Business Under Temporary License
Mississippi Business Journal 06 Oct 2014
Madison-based payday lender All American Check Cashing, unable to renew its annual license because of regulatory troubles, instead is operating in Mississippi under a temporary license granted by the ...
- Socorro Works on Payday Ordinance
El Paso Times (TX) 04 Oct 2014
Socorro has become the latest Texas jurisdiction to attempt to restrict payday lenders, which have recently opened branches locally.
- Online Lending Sites Offer Alternative to Traditional Borrowing
New York Times 02 Oct 2014
Consumers wanting to consolidate loans or credit card debt or borrow for a vacation or a wedding once had few options other than obtaining a personal loan from a local bank or using another credit ...
- Checking the Check Cashers
Bohemian.com 01 Oct 2014
California is one of 32 states that has seen growth in payday lending over the last two decades. It has had trouble enacting any limits on payday lenders beyond the existing laws since the practice ...
- Bill Limiting 'Payday Loan' Rates Pre-Filed in Kentucky General Assembly
WFPL News 22 Sep 2014
State Sen. Reggie Thomas (D-Lexington) has pre-filed a bill for the 2015 Kentucky General Assembly that would limit the amount of interest charged by payday lenders and gradually lower borrowers' ...
- El Paso City Council Approves Payday Lending Zoning Restrictions
El Paso Times (TX) 16 Sep 2014
City councilors in El Paso, Texas, have passed a new zoning ordinance for payday lenders, subjecting the "predatory" businesses to new restrictions.