Payday Lending News

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

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  • Say No to Payday Loans: 5 Safer Sources of Quick Cash 
    Daily Finance  13 Oct 2013
    Although payday loans may seem like the best choice for consumers with poor credit who need quick cash, these loans come with high interest rates and little transparency about fees, prompting 13 states to ban them or adopt strict usury laws. Compared to the annual percentage rate (APR) of 10 percent to 25 percent for a bank-issued personal loan, the APR on a payday loan can range from 300 percent to over 700 percent.
  • BMO Harris Bank Among Companies Sued Over Payday Loans 
    Bloomberg Businessweek 12 Oct 2013
    Bank of Montreal’s BMO Harris Bank is one of the companies being sued in class-action lawsuits by consumers in Maryland and Pennsylvania
  • Lakewood OH Extends Ban on Payday Lenders 
    Lakewood Patch (OH) 10 Oct 2013
    Officials in Lakewood, Ohio, say that many payday lenders are exploiting “loopholes” in the 2008 Short-Term Lending Act, which otherwise caps the interest rates that these lenders can charge.
  • No Decision Yet on Caldwell Payday Loan Centers Rezone 
    Idaho Press-Tribune 09 Oct 2013
    The next city council meeting in Caldwell, Idaho, may involve a decision to move payday loan businesses away from the city's commercial zones
  • J.P. Morgan to Cull Business Clients 
    Wall Street Journal  09 Oct 2013
    JPMorgan Chase is seeking to rein in lending to pawn shops, payday lenders, check cashers, "buy here pay here" auto dealerships, and third-party payment processors as it moves to tighten controls in the face of greater regulatory scrutiny.
  • California Banks, Credit Unions Warned to Be on Lookout for Illegal Payday Lenders 
    Sacramento Bee (CA)  09 Oct 2013
    In its ongoing crackdown against illegal payday loans, California is warning banks and credit unions to watch for fraudulent lenders. "By accepting debit and credit transactions from unlicensed payday lenders ... financial institutions are, knowingly or unknowingly, enabling illegal payday loan transactions to occur in California," the state Department of Business Oversight (DBO) cautioned on Oct. 7 in letters to more than 300 state-licensed institutions.
  • Despite 2010 Bill, Payday Loans Continue 
    Colorado Springs Business Journal 08 Oct 2013
    Recent data from the Colorado attorney general’s office shows that the number of payday loans in the state increased slightly from 2011 to 2012. Under rules by the Colorado General Assembly, payday lenders cannot offer loans larger than $500 or charge interest rates greater than 45 percent. Although the borrowed amount for individual payday loans has increased, the number of businesses offering the product in Colorado has declined.
  • Is the Death Knell Sounding for Payday Lenders? 
    ConsumerAffairs.com (CA) 07 Oct 2013
    Consumer advocates and regulators have long complained about the payday loan industry, saying that the small loans -- which carry high fees and often must be repaid in full in about two weeks -- trap borrowers in a cycle of debt. The Center for Responsible Lending (CRL) has been lobbying to curb the business on a national level, and it believes a sea change is underway.
  • Check-Cashing Ordinance 
    Signal Tribune (CA)  04 Oct 2013
    City councilors serving Long Beach, Calif., voted last month to approve an ordinance that establishes new definitions and regulations for financial services providers that include check-cashing businesses, payday lenders, and auto title lenders. The measure prohibits new short-term lenders from locating within 1,320 feet of any other such business in neighborhood-commercial, pedestrian-oriented, planned-development, and industrial-zoning districts.
  • Arkansas AG Sues Online Payday Lenders 
    Associated Press  02 Oct 2013
    Arkansas Attorney General Dustin McDaniel is suing companies that he says worked together to offer illegal payday loans online.
  • Tribes Lose Battle to Shield Payday Sites From New York State Crackdown 
    New York Times  02 Oct 2013
    A federal judge in Manhattan ruled on Sept. 30 that online lending businesses operated by Native American tribes forfeit their rights as sovereign nations when they use the Internet to reach customers outside of reservations.
  • Lenders, Watchdog Groups Talk Impact of New Regulations 
    The Missouri Times  30 Sep 2013
    The Missouri legislature overrode 10 bills vetoed earlier this year by Gov. Jay Nixon -- including House Bill 329, which alters some regulations for financial institutions. Nixon worried that the measure would allow payday lenders to up their fees, which House Democrats warned would squeeze the poorest Missourians.
  • N.Y. Attorney General Settles With Some Payday Loan Companies 
    Reuters  30 Sep 2013
    New York Attorney General Eric Schneiderman has agreed to a settlement with five payday loan companies accused of violating state usury and licensed lender laws by charging more than the maximum 16 percent interest rate allowed for most lenders not licensed by the state.
  • Nonprofit to Launch Incubator for Payday Loan Alternatives 
    American Banker  26 Sep 2013
    Funded with a $700,000 grant from the Ford Foundation, the Filene Research Institute is preparing to launch an incubator to develop alternatives to payday loans.
  • 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.
  • CFPB Rejects Bid by Tribal Online Lenders to Block Probe 
    Bloomberg  26 Sep 2013
    Three Native American online lenders, claiming that the Consumer Financial Protection Bureau has no authority over them, have lost their bid to terminate an investigation against them for possible abuses of consumers.
  • Sunnyvale Enacts Restrictions on Payday Lenders 
    CBS San Francisco  26 Sep 2013
    Sunnyvale, Calif., has enacted an ordinance that limits the number of payday lending installations allowed in the city. The new law allows for six payday establishments, although a grandfather clause permits the eight existing businesses to remain open.
  • 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.
  • Lawsuit Filed to Try and Block Payday Loan Database 
    AL.com 23 Sep 2013
    Payday lenders that include Cash Mart and Rapid Cash have filed a lawsuit in a bid to derail a new database to track short-term borrowing in Alabama.
  • Kansas City Area Taking the Lead in the Online Lending Industry 
    Kansas City Star 21 Sep 2013
    At least six agencies within the U.S. government have launched a crackdown on Internet short-term lending, which is good news for low-income consumers hurt by high interest rates and fees, according to an editorial in the Kansas City Star.
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