Payday Lending News
The latest news on payday loans and the payday lending industry from the Center for Responsible Lending.
- 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 ...
- Payday Loan Case Showcases Brutal Interest Rates in an Industry Under Fire
Kansas City Star 12 Jul 2014
Online lender Geneva Roth Ventures Inc., based in Mission, Kan., and its CEO have faced legal issues in recent years that illustrate the controversial tactics used by such companies and the increased ...
- Missouri Governor Vetoes Payday Loan Legislation
St. Augustine Record 11 Jul 2014
Missouri Gov. Jay Nixon has vetoed a bill that would have re-written the state's payday loan laws. He called the newly proposed limits an industry-backed “sham” that fell short of ...
- Miss. Payday Lending Company Investigated
Jackson Clarion-Ledger (MS) 02 Jul 2014
The Mississippi Department of Banking and Consumer Finance is investigating potentially illegal practices at payday lender All American Check Cashing Inc.
- Fresno City Council Votes to Put a Lid on Payday Lenders
ABC30 Action News 26 Jun 2014
The Fresno City Council has voted to limit payday lenders. City leaders have learned that Fresno's 66 existing payday lenders may be hurting the local economy by imposing interest rates topping 400 ...
- Amarillo Mulls Options for Regulations on Title Loans
Amarillo Globe-News (TX) 24 Jun 2014
Elected officials in Amarillo, Texas, are tackling the issue of car title and payday loans that charge borrowers interest that can top 500 percent.
- Alternative Credit Draws Mainers In, at Heavy Cost
Portland Press Herald (Maine) 22 Jun 2014
With 7.5 percent of its population patronizing payday lenders, rent-to-own shops, refund anticipation loans, and pawn shops, Maine more than any other New England state is finding its residents ...
- Dunn Still Focused on Payday Loan Bill
Troy Messenger (AL) 20 Jun 2014
Troy, Ala., City Councilman Charlie Dunn is holding out hope for a plan that would limit the number of payday lenders locally.
- State Lawmakers Work on Legislation to Limit Payday Lenders
WAAYTV (Huntsville, Ala.) 17 Jun 2014
Alabama lawmakers are working on legislation to curb the payday lending industry. There currently are more than 1,200 payday lenders operating statewide.
- Payday Lending Dominates CFPB Hearing on Mobile Payments
American Banker 13 Jun 2014
The Consumer Financial Protection Bureau (CFPB) hosted a June 12 field hearing in New Orleans to seek input on mobile banking technology, but it was the topic of payday lending that dominated the ...
- Ohio Senator Proposes Crackdown on Payday Lenders Following Supreme Court Ruling
Plain Dealer (Cleveland) 13 Jun 2014
Following the Ohio Supreme Court's recent decision allowing payday lenders to continue dodging controls on the industry, state Sen.
- Cordray Defends Rulemaking Delays to Senate Panel
American Banker 11 Jun 2014
The Consumer Financial Protection Bureau (CFPB) has taken longer than expected to issue a final report on arbitration clauses and to develop rules for prepaid cards, payday loans, and student loans.