Payday Lending News
The latest news on payday loans and the payday lending industry from the Center for Responsible Lending.
- 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.
- How a High Court Ruling on Tribal Powers May Impact Payday Lending
American Banker 10 Jun 2014
The recent U.S. Supreme Court ruling in a case between the state of Michigan and the Bay Mills Indian Community, which upheld tribal sovereignty in the case of a casino, did not deal with payday ...
- Payday Loan Bill: Reform or Phony?
St. Louis Post-Dispatch 07 Jun 2014
The Missouri Legislature this year voted to tighten restrictions on payday lenders, but consumer advocates say lenders will be able to easily side-step these new barriers.
- Federal Judge Rules Against AMG Payday Lending Operation
American Banker 04 Jun 2014
U.S. District Judge Gloria M. Navarro in Nevada has ruled that Kansas-based payday lending operation AMG Services intentionally deceived borrowers about the cost of their loans.
- To Protect Service Members, Defense Department Plans Broad Ban on High-Cost Loans
ProPublica 04 Jun 2014
Saying that it has been inadequate, the Department of Defense intends to expand the 2007 Military Lending Act (MLA).
- Payday Lending Bill Stalls on Final Day
Associated Press 19 May 2014
A bill to protect Minnesota borrowers from payday lenders, backed by Gov. Mark Dayton, did not win final approval from state lawmakers by the end of their session on May 16.
- Fort Worth Takes a New Look at Restrictions on Payday Lending
Fort Worth Star-Telegram 18 May 2014
Fort Worth is the only major city in Texas that has not yet passed an ordinance to restrict payday lenders, but city leaders are reexamining the issue.
- 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.
- 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.
- 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.
- 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.