Payday Lending News

The latest news on payday loans and the payday lending industry from the Center for Responsible Lending.

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  • Abusive Lending Denies Latinos Their American Dream 
    By Mike Calhoun and Noel Poyo 14 Oct 2015
    As the month-long observance of Hispanic Heritage Month concludes, we must acknowledge that much more needs to be done to ensure that Latino families have the opportunity to more fully participate in a financial marketplace that is fair and responsible.
  • Payday Lending Practices Cost Two Firms $21 Million in U.S. Settlement 
    Wall Street Journal 16 Jan 2015
    Two companies tied to an online payday lending business allegedly controlled by race-car driver Scott Tucker have agreed to pay $21 million to settle allegations that they misled consumers.
  • 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 ...
  • 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 ...
  • 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 ...
  • Payday Lending Focus of New Bills in Legislature 
    El Paso Times (TX) 10 Jan 2015
    Consumer advocates and some members of the Texas Legislature are preparing to pursue new regulations for the short-term loan industry.
  • Churches Step In With Alternative to High-Interest, Small-Dollar Lending Industry 
    Washington Post 09 Jan 2015
    Faith-based organizations nationwide have launched initiatives to offer an alternative to costly financial services like payday loans.
  • Payday Lending by Tribe Targeted by Connecticut 
    Bloomberg Businessweek 06 Jan 2015
    John Shotton, chairman of Oklahoma’s Otoe-Missouria tribe, and two payday loan companies businesses owned by it have been hit with a $1.
  • 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 Lending Jumps in Colorado, Attorney General?s Report Says 
    Daily Sentinel (CO) 04 Jan 2015
    An annual report by the Colorado attorney general’s office found that more than 165,000 state residents owed an aggregate $56 million to payday lenders at the end of 2013.
  • 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.
  • 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.
  • 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 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 (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.

    State Sen.
  • 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.
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