Payday Lending News
The latest news on payday loans and the payday lending industry from the Center for Responsible Lending.
- City of El Paso May Place New Restrictions on Payday Loans
El Paso Times (TX) 15 Sep 2014
El Paso, Texas, is considering a zoning change that would restrict locations for new payday and auto title lenders. The change would not affect businesses already in operation.
- Federal Agency Sues Two Johnson County Men, Says They Bilked Payday Loan Customers out of Millions
Kansas City Star 15 Sep 2014
The Federal Trade Commission (FTC) has asked for injunctions against more than a dozen payday lending outfits controlled by Timothy A. Coppinger and Frampton T. Rowland III of Johnson County, Mo.
- When You Can Max Out Student Loans ? And Not Have to Pay It All Back
Washington Post 11 Sep 2014
Income-based repayment (IBR) programs for student loans that also offer loan forgiveness after a certain number of payments may give people going into public-sector or nonprofit jobs the ability to ...
- PSC Supports Limiting Utility Bill Payments at Payday Lenders
St. Louis Post-Dispatch 04 Sep 2014
Most members of the Missouri Public Service Commission (PSC) support a new rule that would block utilities from allowing customers to pay their bills at payday lending locations.
- Helena City Council Sets Limits on Payday, Title Loan Businesses
AL.com 02 Sep 2014
Officials in Helena, Ala., have limited payday and auto title lending outlets to one location per 10,000 residents.
- Kennesaw Puts Moratorium on New Quick Cash Stores
WSBTV.com (Atlanta, GA) 31 Aug 2014
City leaders in Kennesaw, Ga., have placed a one-year moratorium on all new quick-cash stores, including auto title lenders and pawn shops.
- Government to Payday Lenders: Don?t Sue Us, Sue the Banks
Washington Business Journal 22 Aug 2014
Payday lenders should sue banks that refuse to take their deposits instead of suing the government, according to a group of lawyers representing the Federal Deposit Insurance Corp.
- Ky. Payday Lenders Face Stiffened Enforcement
Louisville Courier-Journal (KY) 22 Aug 2014
The number of payday lenders in Kentucky has declined over the last three years, from 750 stores to 539, due to increased state and federal scrutiny.
- Payday Lenders Banned From Menlo Park
San Jose Mercury News 20 Aug 2014
A temporary moratorium on payday and auto title lenders in Menlo Park, Calif., was slated to expire next month but instead will be made permanent.
- Can Reengineering the Pay Cycle Disrupt Payday Lending?
American Banker 14 Aug 2014
Attempts by upstarts to provide more affordable alternatives to payday loans are tweaking the traditional pay cycle.
- This Week, Look at Real Sharks: Payday Lenders
The Nation 12 Aug 2014
"Shark Week" programming on the Discovery Channel is in the news this week; but activists in states like Illinois, Iowa, and Missouri are using the theme to warn about the perils of loan sharking.
- New York Prosecutors Charge Payday Lenders With Usury
New York Times 12 Aug 2014
A year-long investigation of payday loans has led to New York prosecutors in Manhattan bringing criminal charges against 12 companies and their owner, Carey Vaughn Brown.
- Training Emphasized Way to Double Fees on Loans for All American Check Cashing
Mississippi Business Journal 11 Aug 2014
Mississippi regulators in June issued a cease-and-desist order for Madison-based All American Check Cashing to halt all activity under its “Monthly Lending Program.
- High-Interest Payday loans Called Predatory, But Regulations Die In Iowa Legislature
WCF Courier 10 Aug 2014
Many payday lenders in Iowa issue small-dollar, short-term loans that evade the state's usury laws and charge annualized interest rates as high as 400 percent.
- Daly City Set to Regulate Payday Lending Businesses
San Francisco Examiner 10 Aug 2014
Officials in Daly City, Calif., expect to adopt an ordinance to regulate payday lenders and prevent the businesses from clustering in low-income neighborhoods.
- Alabama Judge Throws Out Payday Lenders' Lawsuit
WSFA-12 (AL) 07 Aug 2014
A judge has derailed an industry effort to stop the development of a central database to track payday loans in Alabama.
- Future Cloudy on Payday Loan Legislation
St. Joseph News-Press (MO) 03 Aug 2014
Missouri Gov. Jay Nixon recently vetoed a payday loan reform bill, sponsored by Sen. Mike Cunningham (R-Rogersville), that would place more regulations on payday lenders and stop rollover loans.
- Moratorium Extended on Permitting Short-Term Lenders to Set Up Shop
Anniston Star 29 Jul 2014
City officials in Anniston, Ala., will take another three months to finalize regulations on short-term loan businesses before new lenders can open in the city.
- Pa. Snares Online Lenders Charging Interest Rates as High as 169 Percent
Newsworks.org 24 Jul 2014
Two California-based lending companies, WS Funding and Cash Call, have reached an agreement with the Pennsylvania Department of Banking and Securities after the firms were discovered making loans at ...
- Dems Target Payday Lenders
The Hill 17 Jul 2014
On July 17, Democrats in the U.S. House and U.S. Senate introduced the Protecting Consumers from Unreasonable Credit Rates Act, which targets the fees payday lenders charge low-income borrowers for ...