Payday Lending News

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

Items 181 - 200 of 200  Previous12345678910
  • Virginia Sues Payday Lender 
    Fairfax News 19 Jul 2013
    Virginia Attorney General Ken Cuccinelli is suing Internet payday lender Jupiter Funding Group, alleging that it has been making illegal loans without a valid state payday loan license. The Virginia State Corporation Commission requires every payday lender to obtain a license in order to conduct business in the state.
  • Consumer Protection Program to Aid Military 
    San Diego Daily Transcript  16 Jul 2013
    Consumer organizations, including the Federal Trade Commission (FTC), this month presented the first Military Consumer Protection Day as part of a year-round campaign to provide active-duty and retired military consumers with resources for managing finances and avoiding scams.
  • Town Adopts Regulations for Payday Lenders 
    Star Local News  16 Jul 2013
    In Texas, the Flower Mound Town Council recently adopted an ordinance that restricts payday and auto title lenders. Town attorney Terry Welch said the interest on these types of loans is very high and that loopholes in state law allow rates to exceed what is technically permitted.
  • A Way Out of a Lending Quagmire 
    South Bend Tribune  14 Jul 2013
    University of Notre Dame undergraduates are leading an initiative to rescue borrowers in South Bend, Ind., from predatory lending traps. The Jubilee Initiative for Financial Inclusion (JIFFI) was launched in March, when it began to make installment loans to three clients...
  • Closing the Loophole for Minnesota's Largest Payday Lenders 
    Public News Service  12 Jul 2013
    A group of faith leaders in Minnesota, together comprising the Joint Religious Legislative Coalition, will pursue legislation to close a loophole that lets payday lenders charge high interest rates in the state. Rev. Alison Killeen, director of organizing and practical theology for the coalition, says consumers who use such lenders are often vulnerable.
  • Valley Community Bankers Say Payday Loans a No-Go 
    Fresno Business Journal 10 Jul 2013
    Although former Consumer Financial Protection Bureau Deputy Director Raj Date called on banks to create an affordable payday loan system, community bankers in California's Central Valley are opposed to doing so. They say there is no demand for it, and regulations would make such a venture unprofitable.
  • Rhode Island Payday Lending Reformers Call Foul (RI) 10 Jul 2013
    In Rhode Island, payday lending reform supporters clashed with House leaders on what is being termed a "false compromise" regarding legislation to reduce interest rates on the short-term loans. Although Margaux Morriseau of the Coalition for Payday Lending Reform says a compromise was reached with House policy staff, the proposed legislation was never added to the calendar.
  • Trussville Passes 2nd Moratorium on Payday Lenders and Check Cashing Businesses in 2 Years  09 Jul 2013
    City councilors in Trussville, Ala., have placed a temporary ban on payday lenders and check cashers, the second time that they have done so in as many years. The initial 180-day moratorium, passed in June 2011, was intended to give the city council time to find a permanent solution for handling new alternative finance businesses; but that solution never materialized.
  • Payday Loan Portion Risks Pa. Budget Bill 
    Pittsburgh Post-Gazette 09 Jul 2013
    Controversial payday-lending language quietly slipped into the fiscal code bill is holding up the budget process in Pennsylvania. The Senate stripped the language -- which indicated that both chambers intend to vote on a payday lending bill by Oct. 31 -- from the bill before passing it...
  • Cash-Short Drivers Roll on Rented Tires 
    Seattle Times  08 Jul 2013
    Tire-rental businesses, much like payday lenders and pawn shops, offer fast credit to consumers who may not be able to obtain a loan elsewhere; but this option often comes with high costs. North Carolina couple Don and Florence Cherry could not afford to buy a new set of tires, so they agreed last September to pay Rent-N-Roll $54.60 a month for 18 months in exchange for four basic Hankook tires.
  • Push to Advance Payday Lending Bill Included in Budget-Related Bill the Senate Will Consider Today 
    Patriot-News (PA) 03 Jul 2013
    The Pennsylvania General Assembly has long been stuck on legislation that proposes to bring payday lending stores to the state, but a new bill included a provision that would have moved it forward in the Senate. The Senate, however, passed an amended version of the bill, called the fiscal code, that removed a controversial payday-lending provision.
  • Windsor Heights Becomes 7th Iowa City to Pass Restrictions on Payday Lenders, Pawn Shops 
    Daily Journal  02 Jul 2013
    Windsor Heights is now the seventh city in Iowa to set limits on where payday lenders and pawn shops can operate. Critics say payday loan businesses charge exorbitant interest rates to financially vulnerable consumers...
  • Attempts at Payday Lending 'Compromise' Collapse 
    Providence Journal 02 Jul 2013
    Rhode Island lawmakers were unable to hammer out a compromise for limiting the interest rate on payday loans, reform advocates say. The Rhode Island Payday Lending Reform Coalition supported bills in the House and Senate that would cap interest on short-term payday loans at 36 percent, compared to the current 260 percent. More than 70 legislators endorsed the bills
  • College Station Weighs Strategy for 'Predatory' Payday Lenders 
    The Eagle (TX) 26 Jun 2013
    The Texas Legislature failed to limit payday lending this session, and local councils are not sure whether to take action themselves.
  • Supreme Court Case May Have Big Impact on CFPB 
    American Banker  25 Jun 2013
    The Supreme Court is scheduled to hear two cases later this year that could drastically impact lenders and potentially challenge the legality of certain new regulations.
  • Madigan Urges Department of Defense to Strengthen Protections for Service Members Targeted by Predatory Lenders 
    Rock River Times  24 Jun 2013
    With a dozen other attorneys general lined up in support, Illinois AG Lisa Madigan has petitioned U.S. Secretary of Defense Chuck Hagel to sew up loopholes in the Military Lending Act (MLA)...
  • State Budget May Soon Pinch Payday Loan Customers 
    Madison Capital Times (WI)  21 Jun 2013
    Wisconsin's proposed state budget now includes an amendment that imposes stricter deadlines on debt repayment for borrowers.
  • Iowa Cities Put Limits on Payday Lenders 
    Associated Press  17 Jun 2013
    Although statewide efforts to limit payday lenders in Iowa have failed, a growing number of cities are approving zoning changes that would make it more challenging for the businesses to open.
  • Bill Lets Banks Compete With Payday Lenders 
    Southeast Missourian  17 Jun 2013
    A bill is pending before Missouri Gov. Jay Nixon that would increase the fees that state-based banks could charge for short-term cash advances...
  • Editorial: Next Steps to Develop Payday Lending Solutions 
    Dallas Morning News (Texas) 16 Jun 2013
    Despite the efforts of religious leaders, consumer activists, and several lawmakers, a bill to reform Texas' payday loan industry failed to pass.
Items 181 - 200 of 200  Previous12345678910