Strong Rules on Payday Lending Could Help Small Businesses

Amanda Ballantyne | Huffington Post
Payday lenders aren’t creating jobs with their predatory lending practices, and they aren’t driving economic growth, they are standing in the way. Small business owners, their employees, and their customers would fare better with sound protections from payday lenders. A recent study from the Center for Responsible Lending found that in states that effectively regulate payday lending, consumers that would have spent $2.2 billion on payday loan fees and interest payments instead spend that money on the goods and services offered at local businesses.

A Plan to Rebuild Black Wealth and Homeownership

Charlene Crowell | The Triangle Tribune
While economists contend that the economic recession is over, the reality for much of black America is starkly different. Racial disparities in unemployment and under-employment persist. And homeownership, a key measure of economic health for consumers and communities alike, continues its downward decline even now.

Will Installment Loans Get Painted with CFPB's Payday Brush?

Kate Berry | American Banker
Installment lenders offer annual percentage rates that range from 36% to 100% or perhaps higher. Payday loans typically have APRs of 350% or more. "Installment loans are a much safer structure," said Martin Eakes, the co-founder and chief executive of Self-Help Credit Union and the Center for Responsible Lending, who has fought battles with payday lenders in Arizona, Colorado, North Carolina, Ohio and Washington.

Federal Gov't Has Rising Interest In Curbing Payday Loans

Mark Pattison | Catholic News Service
The proposed rule “must be strengthened, must be significantly strengthened. The CFPB has the right approach on the ability to repay. And it must close the loopholes. It would help millions of Americans if the CFPB closes the loopholes,” said Keith Corbett, executive vice president of the Center for Responsible Lending, during a June 14 conference call with journalists on payday lending issues.

Rep. Waters’ Remarks at Stop the Debt Trap Press Conference

Associated Press
Yesterday, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, spoke at a press conference about the harms caused by predatory payday loans and the need for strong rules to protect victims from abusive practices. Waters spoke alongside advocates from consumer, civil rights and faith-based groups to urge the Consumer Financial Protection Bureau to finalize strong rules to rein in payday lenders, following a proposal the Bureau released earlier this month. She also highlighted a recently released staff report on payday lenders skirting state law as

Just Where is the Housing Market Heading?

In a letter to Federal Housing Finance Agency Director Melvin Watt, a coalition of more than two dozen industry and consumer groups—including the Mortgage Bankers Association, Center for Responsible Lending, American Bankers Association, NAACP and National Association of Home Builders—called for the reduction or elimination of LLPAs charged by the GSEs, arguing that this risk is already being assumed by existing guaranty fees (g-fees).