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