Payday Lending News

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

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  • CFPB Now Taking Payday Loan Complaints 
    Cleveland Plain Dealer (OH)  06 Nov 2013
    The Consumer Financial Protection Bureau (CFPB) on Nov. 6 confirmed that it now accepts payday loan gripes from consumers. The bureau is the first federal agency to have supervisory authority over the payday industry. It will field consumer complaints related to unexpected fees or interest, unauthorized or incorrect bank-account charges, receipt of loans for which the consumer did not apply, and failure to deliver loans.
  • Reforming Minnesota Payday Lending 
    Twin Cities Daily Planet (MN) 04 Nov 2013
    Some payday lending companies have taken advantage of a loophole in Minnesota’s law that allows exorbitant interest rates. Between 2007 and 2011, the number of payday loans in the state ballooned from 172,000 to 338,000. Data from the Minnesota Department of Commerce indicate that the typical payday borrower takes out an average of 10 loans a year. In 2012, the city of Minneapolis alone accounted for more than $8.6 million of payday loans, at annual percentage rates of 400 percent and higher.
  • Corinth TX Mulls Rules on Lending 
    Denton Record-Chronicle (TX) 02 Nov 2013
    Officials in Corinth, Texas, are contemplating a move to regulate credit-access, payday, and title lending companies within city limits, which would make it the eighth city to do so, according to a Texas Municipal League report. The paper notes that many states have enacted laws “to restrict predatory lending practices, but meaningful reforms have failed to pass the Texas Legislature in the last three sessions.”
  • Payday Loans Drop as Lenders Exploit Loophole 
    Madison Capital Times (WI) 31 Oct 2013
    Payday loans in Wisconsin have declined significantly since 2010, when former Gov. Jim Doyle signed into law legislation intended to limit predatory lending. In 2010, 460 lenders provided over 1.15 million loans worth $482 million; but by the next year, the number of lenders dropped to 423 and the number of total loans fell to 255,117 with an aggregate value of $76.6 million. Experts say, however, that the data only shows how easily payday loan operators exploit legal loopholes.
  • Two Tribes Agree to End Payday Loan Practices 
    Tulsa World 29 Oct 2013
    Payday lenders owned by two Oklahoma Indian tribes will cease the use of aggressive collection techniques, such as threatening borrowers with court action and arrest. The concessions are included under a partial settlement with the Federal Trade Commission (FTC), approved by a U.S. District Court judge in Nevada this month.
  • New PayDay Loan Alternative Program to Be Unveiled 
    Woonsocket Call 28 Oct 2013
    A coalition of non-profits and private companies has established the Woonsocket Payday Loan Alternative Program, an experiment in consumer lending that could help convince Rhode Island legislators to abolish high-cost payday loans. The program, a joint venture of the United Way and the Capital Good Fund, is scheduled to launch on Nov. 4 in Woonsocket, R.I.
  • City Targets Debt Collectors 
    Wall Street Journal 27 Oct 2013
    New York City's Department of Consumer Affairs is turning the heat up on debt collectors for allegedly pursuing residents over high-cost loans.
  • Consumer-Finance Watchdog Warns Payday Lender Cash America of Possible Enforcement Action 
    Wall Street Journal 24 Oct 2013
    One of the largest U.S. payday lenders, Cash America International Inc., is preparing for a crackdown by the Consumer Financial Protection Bureau, which may file an enforcement action against the company and require it to improve certain procedures.
  • Changes Proposed to Where Payday and Title Loan Companies Can Go 
    Richmond Times-Dispatch (VA) 24 Oct 2013
    Chesterfield County officials, who earlier in the year approved a measure to allow payday and title lenders to operate in the Virginia jurisdiction, are now looking to revise their decision. The county board of supervisors will consider a change that would force the lenders to operate inside shopping centers or in multi-use structures rather than in independent storefronts.
  • EBay Probed by Regulator Over Loans Pioneered by Payday Lenders 
    Bloomberg 22 Oct 2013
    The Consumer Financial Protection Bureau (CFPB) is investigating EBay Inc. over the Bill Me Later loan program, which imitates a structure that high-interest lenders have used in the past to avoid state rules.
  • 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.
  • Orgs Seek Alternatives to Powerful, Expensive Payday Loans 
    KCUR 22 Oct 2013
    Missouri has found itself in the midst of a national debate over payday loans -- partly because of a growing, grassroots consumer movement against the industry, which holds a great deal of political clout in the state.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
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