Payday Lending News

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

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  • 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 ...
  • 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 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  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 ...
  • Birmingham Council Expected to Back Efforts to Curb Payday Loans 
    MyFoxAL 31 Dec 2013
    A measure to curb payday lending is expected this month in the Alabama state legislature, and elected officials in the city of Birmingham are expected to get on board the campaign to pass statewide controls.
  • Davis Calls on Cash America Exec to Step Down From State Commission 
    Fort Worth Star-Telegram 30 Dec 2013
    In Texas, Sen. Wendy Davis (D-Fort Worth) has called for Cash America executive William J. White to resign as chairman of the Finance Commission of Texas, a state panel with authority over lending institutions. Davis spoke out after an article in the El Paso Times quoted White as blaming borrowers, rather than payday lenders, for getting caught in a cycle of debt with the high-interest loans. She said that White’s 2009 appointment to the commission was a “blatant conflict of interest” and noted that Fort Worth-based Cash America recently settled alleged abusive practices with the federal Consumer Financial Protection Bureau
  • Lac du Flambeau Chippewa Enter Payday Loan Business With Eye to Online Gambling 
    Milwaukee-Wisconsin Journal Sentinel 29 Dec 2013
    About two dozen Native American tribes have launched short-term online lending operations and are also considering online gaming. Barry Brandon, executive director of the Native American Financial Services Association, says that some of the legal and political battles that tribes fought over Indian casinos are now being fought over online lending.
  • TIOR Capital Agrees to Forfeit $1M in Outstanding Loans 
    Riverside Press-Enterprise (CA) 26 Dec 2013
    Authorities in California have reached a settlement with TIOR Capital, which offered unlicensed payday loans online to consumers across the state through its Nevada-based affiliates.
  • Predatory Lenders Skirting Arizona's Payday Loan Law 19 Dec 2013
    Arizona voters banned payday lenders in 2008, but some predatory lenders have been able to dodge the law and persist in their harmful credit practices, writes Rep. Debbie McCune Davis, a Democrat who represents Legislative District 30. Consumers in the state continue to be targeted by auto title lenders that charge triple-digit annual interest and claim to offer a quick financial fix that can actually evolve into a long-term financial problem.
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