CRL conducts in-depth research on the extent and impact of predatory lending, to provide useful information to consumers, community advocates, and policymakers alike.
- 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, CFPB, 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: CFPB, 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.
- Letter to Bank Regulators: Stop Bank Payday Lending
Published: Feb 22 2012 Issue: Payday Loans
Two hundred and fifty national, state and local organizations and individual advocates have asked bank regulators to stop banks from making predatory payday loans, which carry triple-digit annual...
- Predatory Payday Lending
by Banks on the Rise
Published: Dec 2 2011 Issue: Payday Loans
Four big banks are making payday loans to customers, stripping funds from their checking accounts in a cycle of debt near 400% annual interest.
- AFR Sign-on to OCC on Overdraft and Bank Payday
Published: Aug 9 2011 Issue: Overdraft Loans, Payday Loans
Consumer groups fear OCC proposed guidance may legitimize and facilitate the spread of payday lending by national banks, and banks would continue abusive overdraft practices—harming bank customers,...
- Big Bank Payday Loans
Published: Jul 21 2011 Issue: Payday Loans
A new CRL report describes how banks are adding predatory payday loans to their arsenal of inappropriate loan products. These loans drain cash from low-income Americans.
- Payday Loans, Inc: Short on Credit, Long on Debt
Published: Mar 31 2011 Issue: Payday Loans
New CRL research tracking borrowers over two years dispels the notion that a payday loan is a short-term debt. Although marketed and advertised as a quick solution to an occasional financial...
- Military and Payday
Published: Nov 22 2010 Issue: Payday Loans
Military and Payday: Congress acted to protect military families from this predation by including a measure in the Defense Authorization Act of 2006 that prohibits payday and title lenders from...
- Map of US Payday Stores per Household
Published: Nov 1 2010 Issue: Payday Loans
This color-coded map of payday stores by household reveals a disturbing pattern. Southern states are among the most targeted for these high-cost, low-dollar loans.
- High-Cost Payday Lending Traps Mississippi Borrowers
Published: Jul 26 2010 Issue: Payday Loans
The state of Mississippi is gearing up for a legislative battle as the expiration of a law approaches in 2012. If the law sunsets as scheduled, payday lenders will no longer be exempt from a 36...
- Payday lenders pose as brokers to evade interest rate caps
Published: Jul 16 2010 Issue: Payday Loans
In recent years, a growing number of states have enacted interest rate caps and other protections to eliminate abusive payday lending practices that trap consumers in long term debt. Payday lenders...
- Comments on NCUA's Notice of Proposed Rulemaking on Short-term, Small Amount Loans
Published: Jul 6 2010 Issue: Payday Loans
Comments of the Center for Responsible Lending on the Notice of Proposed Rulemaking on Short-term, Small Amount Loans from National Credit Union Administration--12 CFR Part 701--RIN 3133-AD71....
- Mainstream banks making payday loans
Published: Feb 24 2010 Issue: Payday Loans
National bank regulator, the OCC, must stop this trend before it takes off among more national banks, making millions vulnerable to predatory loans even in states that don't allow it from payday...
- Consumer Financial Protection Agency Could Have Stopped Abuses that Plague Americans Today
Published: Oct 23 2009 Issue: Auto Financing, Car Title Loans, CFPB, Credit Cards, Mortgage Lending, Overdraft Loans, Payday Loans
CRL shares stories of everyday people affected by financial abuse and emphasizes the need for the Consumer Financial Protection Agency to ensure that they and others are protected from such abuses...