CRL conducts in-depth research on the extent and impact of predatory lending, to provide useful information to consumers, community advocates, and policymakers alike.
- Letter to CFPB: Payday Rule Should Cover Longer-Term, Multi-Payment Loans
Published: May 2 2014 Issue: Payday Loans
American consumers need strong protections from unfair, deceptive or abusive practices in the payday and small-dollar lending markets. CRL joined Americans for Financial Reform and more than 100...
- Testimony at the CFPB’s Hearing on Payday Lending (Nashville, TN)
Published: Mar 25 2014 Issue: Payday Loans
Oneshia Herring, legislative counsel at CRL, discusses three reasons why payday loans are an inherently defective product that violate any reasonable concept of fair and responsible lending. This...
- Letter to Federal Regulators: Stop Illegal Payday Loans
Published: Oct 28 2013 Issue: Payday Loans
The National Consumer Law Center, Consumer Federation of America, Center for Responsible Lending and 26 other consumer and civil rights groups sent a letter to federal regulators urging stronger...
- Effective State and Federal Payday Lending Enforcement: Paving the Way for Broader, Stronger Protections
Published: Oct 4 2013 Issue: Payday Loans
The predatory features of payday loans, and the impact of their long-term debt on consumers, have in recent years drawn the attention of legislators and regulators. Policymakers at all levels have...
- The State of Lending: Payday Loans
Published: Sep 10 2013 Issue: Payday Loans
Payday loans—high-cost, quick-fix loans that trap borrowers in debt by design—cost cash-strapped American families $3.4 billion in fees every year. Of that number, more than two-thirds—$2.6...
- The State of Lending: Bank Payday Loans
Published: Sep 10 2013 Issue: Payday Loans, Bank Payday Loans
Even in the face of strong opposition by banking regulators, a few banks continue to make triple-digit payday loans. In this chapter, our analysis shows no meaningful distinction between...
- Comments to Department of Defense: Expanding Credit Protections for Service Members and Their Families
Published: Aug 1 2013 Issue: Overdraft Loans, Payday Loans
Although the Military Lending Act has resulted in significant improvements, Service members continue to be the target of predatory lenders. In 2012, members of the military filed 61,642 complaints...
- Testimony: Seniors Vulnerable to Predatory Payday Loans
Published: Jul 24 2013 Issue: Bank Payday Loans, Payday Loans
Rebecca Borné, senior policy counsel for CRL, testifies on the harms of payday loans and how seniors are particularly vulnerable. The Senate Special Committee on Aging held this hearing to examine...
- Advocates Support Proposed Restrictions on Bank Payday Lending
Published: May 30 2013 Issue: Bank Payday Loans, Payday Loans
CRL and allies urge the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) to implement and strengthen their proposed guidance to restrict "deposit...
- All Federal Credit Unions Should Shun Payday Lending
Published: May 16 2013 Issue: Bank Payday Loans, Payday Loans
- Triple-Digit Danger: Bank Payday Lending Persists
Published: Mar 21 2013 Issue: Bank Payday Loans, Payday Loans
Banks making payday loans continue to trap customers in a cycle of debt, according to a CRL study, "Triple-Digit Danger: Bank Payday Lending Persists." Banks pitch payday loans as short-term...
- Renewed Call for Federal Action Against Bank Payday Loans
Published: Mar 13 2013 Issue: Bank Payday Loans, Payday Loans
Federal regulators should take immediate action to stop unaffordable, high-cost payday lending by banks. That is the key message from more than 260 groups and individuals in a letter to the heads...
- New York Times Article on Banks Aiding Payday Loans: There's Even More to the Story
Published: Feb 26 2013 Issue: Bank Payday Loans, Payday Loans
On February 23, the New York Times published an article describing how some banks enable Internet payday lending. In this brief, CRL provides additional legal context to supplement that article....
- U.S. Senators ask Regulators to Stop Bank Payday Lending
Published: Jan 7 2013 Issue: Bank Payday Loans, Payday Loans
Five U.S. Senators have asked the OCC, the FDIC and the Federal Reserve to stop the banks under their respective jurisdictions from making predatory payday loans. At least four big banks have...
- CRL Comments on Proposed Rules for NCUA Payday Alternatives Loan Program
Published: Nov 30 2012 Issue: Bank Payday Loans, Payday Loans
CRL urges the NCUA to structure their Payday Alternatives Loan (PAL) program to reflect the broad range of alternatives, to prevent the program from operating like a series of high-cost payday...
- CRL and NCLC Comments on Wells Fargo Payday Lending and CRA Examination
Published: Nov 29 2012 Issue: Bank Payday Loans, Payday Loans
Wells Fargo's direct engagement in payday lending should have a significant negative impact on their upcoming Community Reinvestment Act evaluation.
- H.R. 6139: Payday Lender Carve-out Will Undermine Consumer Financial Protection Bureau and States
Published: Aug 27 2012 Issue: Payday Loans
Carve-outs for payday lenders will undermine state protections and CFPB.
- CRL's Testimony: A National Payday Charter Is A Bad Idea
Published: Jul 24 2012 Issue: Car Title Loans, Consumer Financial Protection Bureau, Installment Loans, Payday Loans
Testimony of Kenneth W. Edwards Vice President of Federal Affairs, Center for Responsible Lending, before the House of Representatives Committee on Financial Services Subcommittee on Financial...
- FDIC Promises Investigation of Bank Payday Lending
Published: May 31 2012 Issue: Bank Payday Loans, Payday Loans
The FDIC has promised that to make investigation of bank payday lending a priority investigation. In response to a letter submitted by 250 advocates, Acting Chairman Martin Gruenberg said the...
- Comments to the Consumer Financial Protection Bureau on Payday Lending Abuses
Published: Apr 23 2012 Issue: Consumer Financial Protection Bureau, Payday Loans
Comments to the Consumer Financial Protection Bureau on payday lending abuses on behalf of several organizations concerned about the documented abuses of payday lenders.