Payday Lending News
The latest news on payday loans and the payday lending industry from the Center for Responsible Lending.
- Supreme Court Case May Have Big Impact on CFPB
American Banker 25 Jun 2013
The Supreme Court is scheduled to hear two cases later this year that could drastically impact lenders and potentially challenge the legality of certain new regulations.
- Bill Lets Banks Compete With Payday Lenders
Southeast Missourian 17 Jun 2013
A bill is pending before Missouri Gov. Jay Nixon that would increase the fees that state-based banks could charge for short-term cash advances...
- Iowa Cities Put Limits on Payday Lenders
Associated Press 17 Jun 2013
Although statewide efforts to limit payday lenders in Iowa have failed, a growing number of cities are approving zoning changes that would make it more challenging for the businesses to open.
- Millennials Big Fans of Prepaid Cards, Payday Loans
USA Today 13 Jun 2013
A Think Finance survey of more than 1,000 Millennials, ages 18-34, reveals that they are willing to pay for convenience when it comes to financial products. Although 92 percent of respondents use...
- South Floridians Most 'Underbanked' in U.S.
Hispanic Business 12 Jun 2013
A report by the Corporation for Enterprise Development that analyzes data from the Federal Deposit Insurance Corp. says South Florida has more residents without bank accounts than any other place...
- 'Payday' Loans Bill Advances in Pennsylvania Senate
Pittsburgh Post-Gazette 10 Jun 2013
A Pennsylvania Senate Banking Committee has cleared a bill that would legalize payday loans, which currently are not allowed in the state due to regulations that cap annual percentage rates of...
- Payday-Loan Measure Advances in Senate
Seattle Times 09 Jun 2013
In Washington state, the Senate Rules Committee recently advanced Senate Bill 5312, which would allow payday lenders to make a new kind of loan up to $1,500 with effective interest rates above...
- Our View: Say No to Payday Loans
GoErie.com 09 Jun 2013
Pennsylvania lawmakers are considering a measure that would legalize payday loans, with Senate Bill 975 having moved from the Senate Banking and Insurance Committee to the Senate Appropriations...
- Payday Loan Ban Passes Unanimously
Cleveland Heights Patch 04 Jun 2013
The Cleveland Heights City Council unanimously voted to pass a ban on new payday loan stores that are not licensed under Ohio's Short-Term Loan Act. The measure is meant to make payday loan terms...
- Legislation Introduced to Legalize Payday-Like Loans in Pennsylvania
PennLive 03 Jun 2013
The Pennsylvania Legislature is reviving an effort to legalize high-cost, short-term loans. Sen. Pat Browne (R-Lehigh County) recently introduced a bill to legalize what he says are a new type of short-term loan product called "micro loans." However, opponents say there is little difference between this bill and a proposal that was shot down last year...
- RI Loses $1.6M Annually to Out-Of-State Payday Lending Companies
Go Local Prov 03 Jun 2013
Rhode Island loses $1.6 million a year due to the state's current payday lending policies, according to The Rhode Island Coalition for Payday Reform. It allows annual percentage rates of up to 260 percent on payday loans -- making it the only northeastern state that tops 36 percent -- but its policies are now under scrutiny in the General Assembly...