Payday Lending News

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

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  • Tougher New Rules Under Consideration for Birmingham Payday Lending and Title Pawn Businesses  06 Dec 2013
    Birmingham, Ala., has had a moratorium on new payday lending and auto title businesses for two years, and now the city council is considering new zoning rules for more long-term control on the growth of these financial services.
  • New York Subpoenas Websites in an Effort to Curb Payday Lenders 
    New York Times  03 Dec 2013
    New York Superintendent of Financial Services Benjamin Lawsky recently sent subpoenas to 16 lead generator websites that sell sensitive consumer data to payday lenders to gather information about the websites' practices and connections to the lenders. This comes after Lawsky sent cease-and-desist letters in August to 35 online lenders for writing loans that violate state usury caps.
  • Pay Day Lending – Ending a Vicious Cycle 
    Houston Chronicle 02 Dec 2013
    The mayor of Houston, Texas, is pushing for a payday lending ordinance that would restrain and regulate these types of lenders in the city. Such businesses often take advantage of the poor and vulnerable to generate large profits, writes Mustafa Tameez in an editorial.
  • Decatur Wants to Tighten Restrictions on Payday Lenders (Alabama)  02 Dec 2013
    The City Council in Decatur, Ala., is considering a zoning ordinance that would limit where payday lenders can set up shop. It also has drafted a resolution calling on lawmakers to cap payday loan interest rates, which often top 200 percent or even 400 percent on an annualized basis, and continues to push for legislation at the state level that would require lenders to report loans to a database to ensure compliance with the $500 limit.
  • Ditching Compromise, Parker Pushes Tough Payday Loan Regulations 
    Hispanic Business  23 Nov 2013
    Houston Mayor Annise Parker has thrown out a compromise plan to regulate payday and auto title lenders, instead promoting stricter measures to limit this type of financing. The city council will vote next month on the regulations, modeled on rules passed by other Texas cities that include Dallas, Austin, San Antonio, and El Paso
  • Service Members Left Vulnerable to Payday Loans 
    New York Times DealBook Blog 22 Nov 2013
    The Military Lending Act was enacted nearly seven years ago, but some say it has gaps that leave hundreds of thousands of U.S. service members open to potentially predatory loans. Congress passed the law to shield service members from loans with double-digit interest rates that can get borrowers deep into debt. Critics, however, say the law has not kept up with high-interest lenders that operate either online or near bases.
  • Payday Lender Cash America Fined Over Claims of Robo-Signing, Gouging Military Members 
    Washington Pos 21 Nov 2013
    The Consumer Financial Protection Bureau (CFPB) has reached a $19 million settlement with payday lender Cash America over abusive practices such as "robo-signing," in which employees stamped a lawyer’s signature on court documents used to sue borrowers for past-due debts. This tactic, according to the CFPB, helped the company improperly make money from at least 14,397 U.S. consumers. The settlement with Cash America is the CFPB's first with a short-term, small-dollar lender. The agency also found cases in which Cash America charged active-duty service members and their families more than the 36 percent interest rate limit set by the Military Lending Act.
  • Fresno Pushes Payday Loan Limits, Critics Stress Financial Dangers 
    ABC - KFSN Fresno (CA) 21 Nov 2013
    There are 66 payday lenders already licensed to do business in Fresno, Calif., so officials there are taking steps to check the local growth of such companies -- which state regulators say charge annual interest rates of about 460 percent.
  • Jay Blasts 'Scumbags' Who Prey on Veterans 
    Charleston Gazette (West Virginia)  20 Nov 2013
    Because they are at high risk of predatory or fraudulent lending and debt collection, enlisted persons should be wary of high-pressure sales, said witnesses at a U.S. Senate Commerce Committee hearing on Nov. 20. Sen. Jay Rockefeller (D-W.Va.) called the meeting to address why military members have higher credit card debt and why they are more likely to use high-interest loans such as payday lenders.
  • Markey Introduces Bill to Protect Troops From Predatory Lenders 
    Hispanic Business  20 Nov 2013
    Enlisted persons and their families are three times as likely as civilian households to turn to predatory payday loans when in financial distress and also are more likely to carry heavy credit card debt, but new legislation promises to give them alternative choices. The Military Savings Act, introduced Nov. 20 by Sen. Edward Markey (D-Mass.), creates a pilot program under which financial institutions on base offer innovative products to help members of the Armed Services and their families get on more stable financial ground.
  • Senate Aging Committee Launches Anti-Fraud Hotline for Seniors 
    Reverse Mortgage Daily  20 Nov 2013
    The U.S. Senate Special Committee on Aging recently went live a new anti-fraud hotline that older Americans can contact if they believe they have fallen prey to a financial scam. The toll-free number will put callers in touch with committee investigators who can hear their complaints about payday loans, identity theft, bogus sweepstakes and lottery schemes, abusive reverse mortgage deals, investment scams, Social Security and Medicare fraud, and other elder financial abuse problems.
  • Tennessee Regulators to Back Off Some Payday Lenders 
    Nashville Business Journal 18 Nov 2013
    Payday lenders in good standing with the Tennessee Department of Financial Institutions will enjoy a larger gap between inspections, according to WPLN Nashville Public Radio.
  • 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.
  • AARP Looks to Legislate Payday Loans 
    The Advocate (LA) 12 Nov 2013
    The AARP is preparing to propose legislation that would limit the long-term interest rates for “payday” loans in Louisiana, after a survey found support for this effort among 60 percent of voting-age state residents.
  • 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.
  • Louisiana Advocacy Group Seeks Limits on Payday Loan 
    The Advertiser (LA)  11 Nov 2013
    Many consumers who take out a payday loan are put into even worse circumstances when forced to pay back more than they borrowed, according to David Gray, a policy analyst for the Louisiana Budget Project.
  • Fight Against Illegal Payday Loans Turns to Banks 
    Minneapolis Star Tribune (MN)  09 Nov 2013
    Regulators and lawmakers have long been attempting to limit payday loans, but the struggle is moving away from the companies that offer the loans and in the direction of the mainstream financial institutions that help process them. New Jersey borrower Angel L. Gordon, for example, has filed a potential class-action lawsuit against U.S. Bank for its role in processing allegedly illegal loans that she obtained last year from online lender National Opportunities Unlimited Inc. Gordon spent $1,814 over 10 weeks to repay an $800 advance.
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