Payday Lending News
The latest news on payday loans and the payday lending industry from the Center for Responsible Lending.
- 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.
- New Ordinance Regulates Amarillo Pay Day Loan Industry
ConnectAmarillo.com (TX) 16 Sep 2014
The Amarillo City Council on Sept. 16 gave final approval to an ordinance concerning Credit Access Businesses (CABs), after a community meeting and two public hearings.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.