Payday Lending News
The latest news on payday loans and the payday lending industry from the Center for Responsible Lending.
- Big Data Underwriting for Payday Loans
New York Times 19 Jan 2015
ZestFinance, founded in 2009, practices big data-style underwriting for loans known as ZestCash. The company was founded after Douglas Merrill, former Google CIO and current ZestFinance CEO, studied ...
- Poll: Utahns Favor Limits on Payday Loans
Utah Policy Daily 15 Jan 2015
Payday loans are likely to re-surface as a legislative target this year in Utah, where a December survey has found that most of the state's residents believe tighter control of the industry is ...
- Chattanooga Seeks to Limit Payday Lending and Title Pawns
Chattanooga Times Free Press 13 Jan 2015
The Chattanooga-Hamilton County Regional Planning Commission in Tennessee on Jan. 12 unanimously approved a proposed zoning amendment that would prevent alternative financing businesses, including ...
- Credit Counselor Has Ties to High-Interest Lenders
Wall Street Journal 13 Jan 2015
Howard S. Dvorkin, founder and former president of Consolidated Credit Counseling Services Inc., also owns interests in businesses that provide services to payday lenders, a Wall Street Journal ...
- Payday Lending Expansion a No-Go for Now
Public News Service 06 Jan 2015
With help from the Michigan Credit Union League, which organized a statewide effort to warn the public about the drawbacks of the plan, a push to grant more leeway to payday lenders was killed in ...
- 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.
- 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 ...
- 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.