Payday Lending News
The latest news on payday loans and the payday lending industry from the Center for Responsible Lending.
- Lawsuit Against Payday King for Spam Texts Gains Class-Action Status
Times Free Press 28 Mar 2014
A lawsuit against a Chattanooga-based payday lender accused of spamming Americans with unwanted text messages has received class-action status.
- Lawmakers Clash Over Payday Lending Concerns
American Banker 27 Mar 2014
Lawmakers remain concerned about alternative lending products such as payday loans, but they are far from a consensus about what changes are needed.
- Congress Weighs Payday Lending Changes
Dayton Daily News 26 Mar 2014
The Ohio General Assembly passed a bill in 2008 to crack down on payday lenders in the state, but it has simply allowed those products to be replaced with auto title and installment loans, according ...
- AARP Asks Senate to Reject Bill on Predatory Lending
Chino Valley Review (Arizona) 26 Mar 2014
Officials with AARP Arizona and its community partners intend to defeat "Consumer Lender Loan" House Bill 2526.
- Consumer Protection Bureau Says It's Nearing Crackdown on Payday Loans
Cleveland Plain Dealer (OH) 25 Mar 2014
The Consumer Financial Protection Bureau has put payday lenders on notice, confirming that "we are now in the late stages of our considerations about how we can formulate new rules to bring needed ...
- Predatory Payday Loans Damaging to Borrower, Community
Tennessean 24 Mar 2014
On March 25, Consumer Finance Protection Bureau (CFPB) director Richard Cordray will host a field hearing on payday loans at Nashville's Downtown Public Library.
- Costly Loans Are Drawing Attention From States
New York Times 19 Mar 2014
State authorities are boosting their efforts to protect vulnerable Americans from short-term, costly loans that can have interest rates above 300 percent annually.
- Advocacy Group Targets Payday Lenders' High-Interest Fees
INFORUM (ND) 18 Mar 2014
Low- and middle-income consumers in Minnesota paid more than $82 million in fees to payday lenders between 1999 and 2012.
- Montgomery City Council to Consider Restrictions on Payday, Title Loan Businesses
Montgomery Advertiser (AL) 17 Mar 2014
A proposed ordinance for Montgomery, Ala., would restrict locations of pawn shops, auto title lenders, and payday lenders within the city.
- 35-34: House Passes Bill Imposing More Restrictions on Payday Lenders
Idaho Reporter 17 Mar 2014
Payday lending legislation in Idaho's House of Representatives just squeaked by in a March 17 vote, winning approval by a margin of 35 to 34.
- Cash Store Proposed in Grand Rapids as Mayor Explores Payday Lending Crackdown
MLive.com 13 Mar 2014
In Michigan, Grand Rapids Mayor George Heartwell is opposing an Approved Cash Advance store that wants to set up shop in the city.
- Fed Watchdog Investigates Companies That Link Borrowers, Payday Lenders
Columbus Dispatch 13 Mar 2014
The Consumer Financial Protection Bureau (CFPB) is conducting a probe into companies that connect cash-poor consumers with payday lenders.
- Payday Lending Bill Passes Idaho Senate
Idaho Statesman 11 Mar 2014
The Idaho Senate has passed SB 1314 to curb payday lending in the state and cap the maximum amounts and interest rates of these loans.
- Payday Loan Law Helps State Borrowers
Minnesota Daily (MN) 10 Mar 2014
Minnesota State Rep. Joe Atkins (DFL-Inver Grove Heights) has introduced legislation to regulate the state's payday lending industry.
- Waterloo Mulls Zoning Clamps on Payday Lenders
WCF Courier 07 Mar 2014
In Waterloo, Iowa, new Ward 3 councilman Pat Morrissey is calling for city zoning changes as an attempt to rein in payday lenders. Such changes would limit where the lenders can set up shop.
- House, Senate Committees Approve Payday Loan Bills
Montgomery Advertiser (AL) 06 Mar 2014
Committees in the Alabama House and Senate on March 5 approved two bills that would place some limitations on payday lending in the state.
- State Lawmakers to Consider Proposals to Add New Caps to Payday Lending Rates in Louisiana
Associated Press 05 Mar 2014
In Louisiana, legislation sponsored in the state House by Rep. Ted James (D-Baton Rouge) and in the upper chamber by Sen.
- Pay Day Loan Reform Bill May Return
Montgomery Advertiser (AL) 04 Mar 2014
Alabama lawmakers are planning to revive a proposal to regulate payday lending in the state. The House Financial Services Committee is scheduled to revisit legislation sponsored by Rep.
- College Station City Council Joins Bryan in Regulation of Payday Loans
The Eagle (TX) 28 Feb 2014
In Texas, the College Station City Council has adopted regulations that restrict payday lenders. The state currently has no limits on fees or loan sizes from payday or auto title lenders, but ...
- Orr Payday Lender Bill Gives Borrowers More Time
Decatur Daily News (AL) 26 Feb 2014
New legislation has been proposed to tighten control of Alabama's payday lending industry.