Payday Lending News

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

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  • 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 ...
  • 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 ...
  • Reining in Payday Lenders 
    New York Times 17 Nov 2013
    Earlier this month, the Consumer Financial Protection Bureau (CFPB) announced that it will start to collect complaints from borrowers who may have experienced unreasonable fees, unauthorized withdrawals from their checking accounts, or other abuses from payday lenders.
  • Average Payday Loan in Utah Has Triple-Digit Interest 
    Salt Lake Tribune 15 Nov 2013
    There are now 565 payday lending and title loan locations in Utah, providing short-term advances at an average interest rate of nearly 500 percent.
  • State Puts Brakes on Online Lender 
    Coeur d'Alene Press 13 Nov 2013
    Financial regulators in Idaho have imposed a cease-and-desist order against AAA Payday Advance, an online lender that is based in Utah and has no license to do business in Idaho. Violation of the licensing requirements renders payday and other consumer loans void, uncollectable, and unenforceable, according to Idaho Department of Finance director Gavin Gee.
  • Faith Groups Urge Stricter Rules on Payday Loans 
    Minneapolis Star Tribune 12 Nov 2013
    The Joint Religious Legislative Coalition has released a report calling for a broad new crackdown on payday lending in Minnesota, arguing that current limits on the industry are inadequate.
  • Here’s How Veterans Are Being Targeted for Crippling Loans 
    Care2 11 Nov 2013
    Although the nation's former enlisted personnel can receive a variety of benefits through the Veterans Administration (VA), many find themselves the targets of exploitative lending practices in the financial sector, such as bait-and-switch loan terms and 400 percent interest rates.
  • The Dangers of Online Lending 
    U.S. News & World Report 22 Oct 2013
    Although regulators and consumer advocates have worked for years to curtail payday lending, more and more firms are moving the business to the Web -- raising new policy challenges and threatening consumer protections at the state level, writes Tom Feltner of the Consumer Federation of America.
  • States Sharpen Payday-Loan Scrutiny 
    Wall Street Journal 26 Sep 2013
    State regulators are trying to rein in payday loans by pressuring lenders to submit customer information to state databases. Alabama became the most recent state to call for a database, following similar proposals in California, Pennsylvania, and other areas.
  • FDIC Accused of Waging Stealth Crackdown on Online Lenders 
    American Banker 23 Sep 2013
    The Federal Deposit Insurance Corp. has been ramping up reviews of banks' third-party relationships just as some online lenders, which rely on banks to process their transactions, are facing serious questions about their exorbitant interest rates and their liability under state licensing laws.
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