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