Payday Lending News

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

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  • Critics Say Payday Lenders Are Out of Control 
    KFOXTV.com 05 May 2014
    Retired New Mexico senator Steve Fischmann is tackling payday lending in Las Cruces, where borrowers can choose from more than 40 different payday or auto title loan locations.
  • Payday Lender AMG Services Subpoenaed in Criminal Probe 
    Columbus Dispatch 05 May 2014
    A U.S. grand jury has subpoenaed AMG Services Inc. as part of a criminal probe by the office of Manhattan U.S. Attorney Preet Bharara.
  • Another City Considers Reining in Payday Lending 
    American Banker 28 Apr 2014
    Yet another municipality -- Midland, Texas -- has been added to the list of U.S. cities looking to tighten control of payday lenders.
  • States With Highest, Lowest Payday Loan Rates 
    USA Today 21 Apr 2014
    Idaho, Nevada, and Utah are three of only seven states that impose no legal limits on payday loans. Subsequently, they have some of the highest interest rates in the country, according to a new ...
  • How Payday Lenders Prey Upon the Poor - and the Courts Don't Help 
    New York Times Magazine 20 Apr 2014
    Although payday loans are marketed as a short-term solution for financial emergencies, they often land borrowers in a debt spiral.
  • Rep. Ferri's Bill Would Lower Interest Allowed on Payday Loans in Rhode Island 
    Providence Journal 17 Apr 2014
    Rhode Island lawmakers are considering a bill that would revise existing rules on payday loans. The short-term loans are limited to $500, must be paid back in two weeks, and carry interest rates as ...
  • Study Finds S.D. Has Some of Highest Payday Loan Costs 
    Argus Leader (SD) 16 Apr 2014
    Three dozen U.S. states allow payday loans -- the most costly of which are found in Idaho, Texas, Ohio, and South Dakota, according to the Pew Charitable Trusts.
  • Supporters Seek New Angle to Limit Payday Lending 
    Daily Comet (La.) 15 Apr 2014
    Advocates of payday lending regulation are looking to another strategy now that Louisiana lawmakers have squashed efforts to cap the loans' annual interest rates. A bill by Sen.
  • States Splitting With Feds on 'Operation Choke Point' 
    American Banker 15 Apr 2014
    State regulators are pushing back against the federal crackdown on Web-based payday operations. Banks are worried that pressure from federal banking regulators and the Department of Justice, which ...
  • Banks to Payday Lenders: Quit the Business or We'll Close Your Account 
    Washington Post 11 Apr 2014
    More payday lenders say banks being scrutinized by the FDIC and the Office of the Comptroller of the Currency for direct-deposit advances are now telling them to cease and desist making payday loans ...
  • State AG Files Five Lawsuits Against Payday Lenders 
    InsideARM 10 Apr 2014
    Illinois Attorney General Lisa Madigan has filed five lawsuits as part of a crackdown on payday lending.
  • Middlemen for Payday Lenders Under Fire 
    Wall Street Journal 08 Apr 2014
    Illinois Attorney General Lisa Madigan has filed a lawsuit against MoneyMutual LLC, which serves as a middleman between consumers and payday lenders.
  • Bellaire Law's Focus: Payday Lenders 
    Houston Chronicle 08 Apr 2014
    Bellaire has become the most recent Texas city to regulate payday lending in response inaction by state lawmakers on the issue.
  • Cheat Sheet: What to Expect from CFPB on Payday Lending 
    American Banker 07 Apr 2014
    The Consumer Financial Protection Bureau (CFPB) is on the brink of issuing the first national rules for payday lending.
  • Payday Loan Regulations Stall 
    Houma Today (LA) 07 Apr 2014
    A bill that would have imposed restrictions on Louisiana's short-term lending industry was killed in the House Commerce Committee on April 7. House Bill 239, introduced by Rep.
  • Hotdish Politics: Payday Lenders in the Cross Hairs 
    Minneapolis Star Tribune (MN) 05 Apr 2014
    Payday lenders, criticized for trapping borrowers in a cycle of debt, are being targeted by a coalition in Minnesota that aims to restrict the number of loans such businesses can make to a single ...
  • Payday Loan Database Bill Dies 
    Montgomery Advertiser (AL) 04 Apr 2014
    Before adjourning on April 3, the Alabama Legislature declined to grant final approval to a payday loan bill that had seemed close to being passed out of the Senate. The measure, sponsored by Rep.
  • Missouri House Committee Endorses Bill to Eliminate Payday Loan Rollovers, Lower Interest Cap 
    Associated Press 03 Apr 2014
    A panel in the Missouri House of Representatives has approved new protections for payday loan users.

    Borrowers in the state currently may be charged up to $75 in interest and fees per ...
  • Payday Loan Bill Moves to Senate 
    New Orleans Advocate 02 Apr 2014
    A Louisiana Senate committee has dramatically altered Senate Bill 84, a proposal by Sen. Ben Nevers (D-Bogalusa) to make payday loans more affordable and limit the amount of interest that can be ...
  • Payday Loan Reform Still a Possibility 
    Albuquerque Journal 31 Mar 2014
    New Mexico legislators have proposed a constitutional amendment that would limit total charges on all short-term loans to an annual percentage rate (APR) of 36 percent.
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