Payday Lending News

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

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  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • Governor Approves Database of Loans Made by Payday Lenders 
    Anniston Star 19 Sep 2013
    As part of state regulations approved Wednesday to help consumers avoid excessive debt, Alabama will soon know which area residents have loans from payday lenders.
  • Editorial: California Legislature Whiffs on Reining in Payday Loans 
    Fresno Bee 19 Sep 2013
    This Fresno Bee editorial criticizes the California Legislature for failing to get a bill out of the banking committee to protect citizens from usurious lending. California remains among the most lax states when it comes to payday lending.
  • Long Beach City Council Restricts Short-Term Lenders 
    Long Beach Press-Telegram 19 Sep 2013
    The Long Beach (Calif.) City Council has unanimously voted to push consumer-finance lending businesses from neighborhood commercial and other areas into locations that are more automobile-oriented and widen the separation between the businesses from 1,000 feet to 1,320 feet.
  • Payday Lenders Move Online as Regulators Crack Down 
    Seattle Times 18 Sep 2013
    A growing number of websites offer short-term loans even for borrowers with credit problems, but these payday loans often have annual percentage rates of 400 percent or more.
  • Lawmakers Vote to Override on Mo. Lending Measure 
    connectmidmissouri.com 17 Sep 2013
    The Missouri Legislature has voted to override Gov. Jay Nixon's veto of a bill that would allow lenders to charge higher fees on certain short-term loans.
  • Personal Finance: Illegal Online Lenders Plague Payday Loan Industry 
    Sacramento Bee 17 Sep 2013
    Storefront payday lenders in California are getting pushed aside by unlicensed online competitors who are increasingly accused of ripping off consumers.
  • Maryland Issues Cease and Desist Order Against Online Payday Lenders 
    Baltimore Sun 17 Sep 2013
    Mark Kaufman, Maryland's Commissioner of Financial Regulation, announced Tuesday that his division had issued a final cease and desist order against online payday lenders and their owners.
  • Editorial: Crack Down on Abusive Lending 
    Cincinnati Enquirer 17 Sep 2013
    This Cincinnati Enquirer editorial calls on regulators at the Ohio Department of Commerce "to step in, investigate, and then revoke the licenses of those businesses found to be evading payday lending laws."
  • Fast Cash Jungle: Payday Lenders Proliferate in East Ridge, Elsewhere 
    Chattanooga Times Free Press 17 Sep 2013
    According to the Tennessee Department of Financial Institutions, there are nearly 90 payday lenders operating in the Chattanooga area.
  • Online Lender Seeks Dismissal of New York Suit 
    Wall Street Journal 17 Sep 2013
    Western Sky Financial LLC, an online lender targeted by state regulators for charging steep interest rates, said Sept. 17 that a lawsuit filed against it by New York Attorney General Eric Schneiderman should be dismissed because the state lacks authority over the business.
  • Long Beach Council to Vote on Updating Short-Term Lender Rules 
    Long Beach Press-Telegram 17 Sep 2013
    The Long Beach City Council may further restrict payday and other short-term consumer finance lending businesses when it meets Tuesday.
  • Payday, Title Loan Businesses Possibly Hurting Local Economy 
    Anniston Star 17 Sep 2013
    Consumers flock to alternative financial providers, in Alabama and nationwide, because the services they offer are easily accessible to people who have no mainstream banking relationship.
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