Payday Lending News

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

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  • 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.
  • 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.
  • 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.
  • 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.
  • Making Money Off the Poor 
    New York Times Opinionator 17 Sep 2013
    Many different businesses and schemes are making money off of low-income Americans, Tom Edsall writes in a New York Times opinion piece.
  • 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.
  • 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.
  • 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.
  • 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.
  • Military Officials Want to Clamp Down on Payday Lenders Unfairly Targeting Soldiers 
    KXXV-TV News Channel 25 16 Sep 2013
    All around Fort Hood in Texas, lending advertisements target soldiers who are in financial hardship, but may be afraid to tell their superiors.
  • Montgomery City Councilmen Seek Moratorium on Payday Lenders 
    WSFA-12 (AL)  20 Aug 2013
    An item on the Montgomery, Ala., city council's agenda could threaten the future of payday and title loan businesses in the city. Councilmen Richard Bollinger and Charles Smith have proposed a temporary freeze on business licenses for these types of lending agencies.
  • Opponents Say Bill Opens Up Door for Payday Lenders 
    Log Cabin Democrat (Arkansas) 23 Mar 2013
    Arkansas has been free of payday lenders for nearly four years, after its Supreme Court declared that their triple-digit annual interest rates for short-term loans violated a state law against usury. Now, however, critics of the industry are worried that a new proposal in the Legislature will allow payday lenders to creep back into Arkansas...
  • Lawmakers File Bills on Payday Lending 
    Denton Record-Chronicle (TX) 21 Mar 2013
    Texas Sen. John Corona (R-Dallas) recently introduced Senate Bill 1247 in an attempt to change the way payday lenders operate and how cities can control them. Some say, however, that it is not enough to curtail the problem...
  • Dimon Pledges to Change JPMorgan’s Practices on Payday Loans 
    New York Times  27 Feb 2013
    Calling the practice "terrible," JPMorgan Chase CEO Jamie Dimon has pledged to revamp how the bank addresses automatic account withdrawals made by Internet-based payday lenders. JPMorgan Chase does not make the loans directly but does enable online payday lenders to deduct payments from customers’ checking accounts, even in the 15 states that prohibit such loans. Sometimes these withdrawals continue even after customers have asked banks to prevent it. More payday lenders are operating online in order to avoid state-based limits on interest rates. Lawmakers also are addressing the issue. In July, Sen. Jeff Merkley (D-Ore.) introduced a bill that would force payday lenders to follow the laws of states where the borrower is located. Part of the bill, pending in Congress, would allow borrowers to more easily halt automatic withdrawals. A new report by the Pew Charitable Trusts, meanwhile, finds that an estimated 27 percent of payday loan borrowers say the loans caused them to overdraw their accounts.
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