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Payday & Installment Loans Archive
Predatory Installment Lending in the States: 2020 , February 2020Advocates Applaud Bill to Cap Interest Rates at 36% , Nov. 12, 2019Credit Union Regulator Expands High-Cost Loan Program Without Needed Safeguards, Say Consumer Groups , Sept. 19, 2019Court Decision Signals End of Faux Tribal Payday Lending , April 24, 2019Consumer Financial Protection Bureau Guts Rule to Rein in HIgh-Cost Short-Term Loans , Feb. 6, 2019Civil Rights and Consumer Groups Implore the FDIC to Say No to Bank Payday Loans and Rent-a-Bank Payday Lending , January 23, 2019Court to CFPB: Payday Lending Rule Compliance Date Stays Intact , June 12, 2018Consumer Watchdog Mulvaney Colludes with Payday Lenders to Delay Payday Rule , June 1, 2018With New OCC Guidance, Banks Must Ensure Small-Dollar Loans are Affordable , May 23, 2018Consumer Financial Protection Bureau Drops Lawsuit Over 950% APR Loans , Jan. 18, 2018CFPB Payday Rule Survives Legislative Threat, Remains Intact for Now , May 17, 2018Consumer Advocates Urge U.S. House Members to Halt Bank Payday Loan Legislation in Committee Markup , March 21, 2018U.S. House Votes to Weaken State Limits on High-Cost Loans , Feb. 14, 2018Consumer Financial Protection Bureau Drops Lawsuit Over 950% APR Loans, Jan. 18, 2018Press Release: Congress Moves to Protect Predatory Payday Lenders’ Unaffordable 300% Loans and Block Consumer Bureau’s Ability-to-Pay Rule , Dec. 1, 2017
Press Release: Consumer Watchdog Curbs 300% Unaffordable Payday Loans , Oct. 10, 2017
Press Release: CFPB Sues Four Online Payday Lenders for Illegal Loans in States , April 28, 2017
Predatory Installment Lending in 2017: States Battle to Restrain High-Cost Loans , Aug. 2017Press Release: National consumer and civil rights groups urge CFPB to strengthen payday and car title lending rule , Oct. 7, 2016Press Release: National consumer and civil rights groups urge CFPB to strengthen payday and car title lending rule , Press release, Oct. 7, 2016Joint consumer group statement on CFPB’s proposed payday rule , June 20, 2016Press Release: CFPB Proposes Strong Rules to Protect Payday Borrowers Yet Worrisome Loopholes Need Tightening , June 2, 2016Press Release: First Possible Tech IPO of Year: Elevate Pushes Predatory Long-Term Payday Loans , Jan. 20, 2016Report & Press Release : Payday Lender Prepaid Cards: Overdraft and Junk Fees Hit Cash-Strapped Families Coming and Going, July 15, 2015Press release: CFPB’s Payday Proposal: Strong Start but Worrisome Loopholes , March 26, 2015
Op-Ed: Colorado Is No Model for a National Payday Rule , Dec. 10, 2014
Group press statement applauds Dept. of Defense report to protect servicemembers from high-cost credit , June 2, 2014
Press release: Supreme Court Decision (Michigan v Bay Mills Indian Community) Strikes Blow against Tribal Online Payday Lenders , May 29, 2014
Press release: Four Oaks Bank slapped for aiding illegal payday lending , April 25, 2014
Bank Payday Loans Gone! Guidelines for Affordable Small Dollar Loans press release and issue brief , January 30, 2014
Put Your Money Where the Shark’s Mouth Isn’t: Loan Options for Mississippi Borrowers That Are Better Than Payday Loans , by Leah A. Plunkett and Lauren K. Saunders, December 1, 2010Stopping the Payday Loan Trap: Alternatives that Work, Ones that Don’t – Report Exposes Expense and Pitfalls of Some Payday ‘Alternatives’, June 2010Press release: OCC, FDIC curb bank payday loans , Nov 22, 2013
Issue Brief: Keep Prepaid Cards and Credit Separate , July 2013
Press Release : Credit Union Payday Lending Down But Not Out: NCUA Asked to Address Triple-Digit Payday Loans, May 16, 2013, Issue Brief and Letter to NCUA Report : Why 36%? The History, Use, and Purpose of the 36% Interest Rate Cap, April 2013, Issue Brief and Press Release Press Release: Urban Trust Bank Halts Overdraft Fees on Payday Lender Prepaid Cards , Feb. 1, 2013
Press Release: Tandem Money Prepaid Card Payday Loan/Savings Product Folds , Nov. 9, 2012
Press Release: Banking Regulator Slams Urban Trust Bank, Issuer of Prepaid Card Payday Loans: OCC Finds Legal Violations and Unsafe Banking Practices , Sept. 24, 2012
Press Release: Advocates Urge CFPB to Ban Overdraft Fees and Payday Loans on Prepaid Cards , July 25, 2012
Press Release : Comments to NCUA on Payday Lending by Credit Unions and CUSOs , Sept. 26, 2011Issue Brief: 300% Bank Payday Loans Spreading , August 2011, Press Release , Group Comments , Sample Comments to the Federal Banking Regulator (OCC) Opposing High Overdraft Fees and 300% Interest Bank Payday Loans, August 8, 2011
How Mississippi Municipalities Can Protect Their Residents from Payday Lending , Dec. 16, 2010Report Exposes Expense and Pitfalls of Some Payday ‘Alternatives’: Stopping the Payday Loan Trap: Alternatives that Work, Ones that Don’t , June 2010
Group letter to CFPB Director Kraninger urging suspension of finalizing the payday loan rule pending a full investigation of whether the rolling back of the 2017 rule’s mandatory underwriting requirements was improper, May 1, 2020Coalition letter to federal banking regulators urging to prevent high-cost deposit advance loans , May 14, 2018Open letter to banks: Don’t Make Debt Trap Payday Loans , October 6, 2017
Letter to Senator Sharon Nelson re: WA HB 1922, SB 5889, high-cost consumer installment loans , Feb. 24, 2015Coalition letter to CFPB re: proposed payday lending rules to better protect consumers , Oct. 23, 2014
Letter to House of Representatives supporting Operation Choke Point and other work against payment fraud , July 15, 2014
Letter to Senate urging support for Operation Choke Point and other efforts against payment fraud , June 18, 2014
Letter to CFPB urging a strong rule on payday loans , March 28, 2014Letter to DOJ applauding work against payment fraud (including illegal payday payments), Jan. 14, 2014
Letter opposing Calif. SB 472 (wage advances)Press Release and Group letter to the regulators to push for stronger measures to stop illegal payments from being taken out of consumers’ bank accounts, October 24, 2013Group letter to the Office of the Comptroller of the Currency (OCC) opposing Urban Trust Bank partnering with Community Choice Financial Inc . and its subsidiaries to facilitate payday loans on prepaid cards in circumvention of state law and OCC’s reply . OCC-Urban Trust Bank Agreement , July 2012. Related materials: legal analysis and press release .Group letter to members of U.S. Congress urging support of legislation that protects consumers from payday and online lending and empowering states to enforce credit protection , April 26, 2012.Consumer letter to Congress on dangers of internet payday lending , May 11, 2011
NCUA Letter Highlights Dangers of False Credit Union Payday Loan “Alternatives” , July 30, 2009
Letter opposing preemption of Arkansas usury rate, May 18, 2009Support letter for S. 582, Interest Rate Reduction Act, March 27, 2009
Letter opposing payday loan bill, H.R. 1214 (Gutierrez) , March 23, 2009Letter in support of S. 500 (Durbin), establishing 36% national usury cap for all credit , March 2, 2009Letter to NCUA about credit unions engaged in high cost lending , Jan. 27, 2009.
Comments
Group comments to the CFPB opposing Changes in Rules on Payday, Title and Certain Installment Loans and rescission of Ability-to-Repay Rule, May 15, 2019, Press Release ; Shorter comments of 429 organizations in 46 statesCoalition and longer comments to FDIC on small dollar loans, Jan. 22, 2019Group comments to the CFPB opposing Changes in Rules on Payday, Title and Certain Installment Loans and rescission of Ability-to-Repay Rule, May 15, 2019, Press Release ; Shorter comments of 429 organizations in 46 statesCoalition comments to the CFPB Opposing its Proposal to Delay Compliance Date for Rule Governing Payday, Vehicle, Title, and Certain High-Cost Installment Loans , March 18, 2019 || Longer coalition comments Group comments to the FDIC re: Request for Information re: Small-Dollar Lending , Jan. 22, 2019 Short comments signed by 88 groups .Coalition comments to National Credit Union Administration (NCUA) re: Payday Alternative Loans, Proposed Rule, 12 CFR Part 701, RIN 3133-AE84 , Aug. 3, 2018Comments to OCC opposing new fintech lending charter that would preemption state interest rates and other laws , Nov. 14, 2016Comments to CFPB in response to request for information about installment loan practices , Nov. 7, 2016Coalition comments to the Consumer Financial Protection Bureau re: Proposed Rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans , Oct. 7, 2016
Consumer comments in support of draft California regulations to strengthen payday loan regulations , June 24, 2015Comments to Department of Defense on limitations on terms of consumer credit extended to service members and departments , Dec. 23, 2014Comments to California on the role of electronic payments, remotely created checks and prepaid cards in making payday loans , May 19, 2014Comments urging Fed to ban remotely created checks , Dec. 13, 2013Joint comments on the Department of Defense’s rulemaking to expand scope of Military Lending Act , August 1, 2013Comments to FDIC and OCC supporting guidance to rein in bank payday loans (May 30, 2013): Consumer coalition comments. NCLC comments focused on prepaid card payday loans.
Center for Responsible Lending and NCLC comments to the Office of the Comptroller of the Currency re: Wells Fargo payday lending should negatively impact the lender’s upcoming Community Reinvestment Act evaluation , Nov. 29, 2012.
Comments to NCUA on changes to small dollar loan regulations , November 26, 2012
NCLC Comments and shorter Coalition comments to CFPB re: Proposed Rules for General Use Reloadable Prepaid Cards (Electronic Fund Transfers (Regulation E), 12 CFR Part 1005, July 23, 2012 Press Release .Comments on Interim Final Rule permitting direct deposit of Social Security and other federal payments to privately selected prepaid card s , Apr. 25, 2011
Comments on NCUA proposed rule raising federal credit union usury rate for small loans, July 6, 2010
Federal Credit Union Usury Rates for Payday Loan Alternatives – July 6, 2010 deadline to comment on the NCUA’s proposal to raise to 28% plus a single $20 application fee the rate that federal credit unions may charge for short-term, small amount loans. Sample comments .
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