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Archive for 'Payday Loans'
CFPB Called Upon to Toughen Payday Loan Standards
In a recent opinion piece for the New York Times, Executive Vice President and Director of Federal Policy at the Center for Responsible Lending, Gary Kalman, calls upon the Consumer Financial Protection Bureau (CFPB) to crack down on standards for payday...
Read MoreObama Admin Seeks to Expand MLA, Reduce Predatory Lending
The Obama Administration and the U.S. Department of Defense (DoD) are aiming to curtail predatory lending practices by expanding the protections offered to active service members and their families. These actions are intended to broaden the Military Lending Act (MLA), crushing...
Read MoreOnline Payday Loans Overrun with Abusive and Deceitful Practices
The Pew Charitable Trusts revealed on October 2nd that today’s online payday loans are overrun with abusive and deceitful practices. In their latest entry to the Payday Lending in America series, Pew observed that online and Internet loans are more costly when...
Read MoreLenders Target Naive Military with Usurious Payday Loans
Seven years after Congress banned payday-loan companies from charging exorbitant interest rates to service members, many of the nation’s military bases are surrounded by storefront lenders who charge high annual percentage rates, sometimes exceeding 400 percent. The Military Lending Act...
Read MorePayday Lenders Using Rent-A-Tribe Scam Enjoy Sovereign Protection from Law Suits and State Oversight
A report by the Center for Public Integrity, says that Internet-based payday lenders operating in California, New Mexico, West Virginia and Colorado are claiming to be “tribal enterprises” of Native Americans, providing them certain benefits of sovereignty, including immunity from...
Read MoreBig Named Banks Partake In Payday Loan Profits
With 12.5 million Americans unemployed and many facing inevitable debt harassment, consumers are turning to online payday loans, often with obscene interest rates in excess of 500 percent, to make ends meet. To the financially strapped, worrying about today has displaced...
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