Payday Lending News

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

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  • 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.
  • 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 ...
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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 ...
  • Architect of Postal Banking Proposal Speaks Out 
    American Banker 31 Mar 2014
    While the U.S. Postal Service (USPS) already offers domestic money orders and global money transfers, a paper released in January proposes to greatly expand its menu of financial services to reach ...
  • 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.
  • 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.
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