Payday Lending News
The latest news on payday loans and the payday lending industry from the Center for Responsible Lending.
- Council Adopts Law to Restrict 'Pay-Day' Lenders
InstantNewsBellaire.com (Texas) 18 Feb 2014
The Bellaire City Council has unanimously approved an ordinance that would allow the city to regulate payday and auto title lenders.
- Payday Legislation Gets Second Wind
Times Daily (Alabama) 16 Feb 2014
A bill to regulate payday lending in Alabama recently stalled in a House committee, but two senators are now considering their own measures. Sen.
- Payday Loan Bill Flies Through Panel
Salt Lake Tribune (UT) 14 Feb 2014
Proposals to limit payday lending in Utah have hit roadblocks in the past, but recent scandals have encouraged swifter action.
- Ala. Payday Lender Bill Stalls in Committee
Associated Press 13 Feb 2014
The Alabama House Financial Services Committee this week sent a payday loan bill to a subcommittee, a move that Rep. Patricia Todd (D-Birmingham) says was meant to kill the legislation.
- Predatory-Lending Bill Wins Unanimous Committee Support
Foster's Daily Democrat (NH) 13 Feb 2014
In Maine, the House Insurance and Financial Services Committee has granted its full support to a bill intended to beat back online predatory lenders that target consumers in the state despite a ...
- Payday Lending Bill Sees Criticism
MagicValley.com 13 Feb 2014
The group Idaho Community Action Network (ICAN) is working toward state and city laws that would protect consumers from payday lenders.
- Friendly Sales Pitch Can't Hide Payday Loans' Unfriendly Rates
Los Angeles Times 10 Feb 2014
The payday lending industry increasingly is employing slick sales pitches and branding to get borrowers to take out loans that could trap them in a seemingly endless cycle of debt.
- Idaho Legislators Take Aim at Predatory Loans
Idaho State Journal 09 Feb 2014
Legislators in Idaho concur that residents deserve better protections against predatory loans but disagree on the best approach to accomplish this goal.
- Efforts to Curb Payday Lending at the Statehouse Once Again
Rhode Island Public Radio 04 Feb 2014
Lawmakers in Rhode Island are again trying to clamp down on the state's payday lending industry, after several previous failed attempts. Rep. Frank Ferri and Sen.
- Virginia General Assembly: Payday Lending Bills Go Down for Session
Daily Press (Virginia) 03 Feb 2014
Two bills sponsored by Democratic Sens. John Miller and Mamie Locke as part of an effort to crack down on payday lenders in Virginia were voted out in subcommittee.
- Anniston Contemplating Moratorium on Payday Lenders
Anniston Star 03 Feb 2014
In Alabama, city councilors in Anniston are considering a six-month block on new payday lenders in the city limits.
- Group Hoping to Form City's First Low-Income Credit Union
Lincoln Journal Star (NE) 02 Feb 2014
Payday lenders do not ask many questions of applicants -- such as their credit history or reason for the advance -- which makes it easy to borrow money quickly.
- Utahns Want Tighter Rules on Payday Loans
Salt Lake Tribune (UT) 26 Jan 2014
A SurveyUSA poll commissioned by the Salt Lake Tribune has found that Utah residents overwhelming prefer tougher oversight of payday lenders.
- Loophole in Credit Law Opens Door to 360 Percent Interest Rate
Daily Press (Virginia) 25 Jan 2014
Many consumers have become trapped by what is called an open-end credit plan, often marketed as payday loans, car title loans, or cash advances but referred to in the paperwork as a line of credit.
- Payday Lender Agrees to Fine, Refunds
Wall Street Journal 24 Jan 2014
In an agreement with New York Attorney General Eric Schneiderman, online payday lender Western Sky Financial LLC agreed to a $1.5 million fine.
- Morrissey Makes Case for Payday Lending Reform
WCF Courier 22 Jan 2014
In Waterloo, Iowa, City Council member Pat Morrissey is warring against payday lenders on several fronts.
- Rep. Mastraccio Sponsoring Lending, Veterans Bills
Fosters.com 16 Jan 2014
In Maine, Rep. Anne-Marie Mastraccio (D-Sanford) is co-sponsoring a bill to address predatory lending and enhance financial protection for low-income families.
- N.Y.'s Lawsky Urges Crackdown on Payday Lenders' ACH Access
American Banker 15 Jan 2014
New York Financial Services Superintendent Benjamin Lawsky has written an open letter to NACHA -- the electronic payments group that banks use to process debits from customer accounts -- pressing for ...
- Four Oaks Bank Agrees to $1M Fine to Settle DOJ Suit
WRAL.com 09 Jan 2014
In North Carolina, Four Oaks Bank has agreed to pay $1.2 million to settle accusations that it and its parent company allowed illegal activity in its accounts tied to payday lending. The proposed deal -- which still needs court approval -- requires the bank to help federal authorities in possible criminal investigations of its executives, board members, and customers.
- Critics of Payday Lending Foresee a New Bill in the Upcoming Idaho Legislature
Idaho Statesman 06 Jan 2014
The grass-roots Idaho Community Action Network (ICAN), which has encouraged the state to pass stricter payday lending rules, also encourages local governments �to stand up and recognize that they ...