Payday & Installment Loans Archives

New California Law Targets Long-Term Payday Loans; Will Payday Lenders Evade it?

October 11, 2019

Washington, D.C. – Advocates at the National Consumer Law Center applauded news that California Governor Gavin Newsom late yesterday signed into law AB 539, a bill to stop outrageous interest rates that payday lenders in California are charging on their larger, long-term payday loans, but warned that the payday lenders are already plotting to evade…

Credit Union Regulator Expands High-Cost Loan Program Without Needed Safeguards, Say Consumer Groups

September 20, 2019

For Immediate Release: September 19, 2019 Contacts: National Consumer Law Center: Jan Kruse [email protected] Center for Responsible Lending: Matthew Kravitz [email protected] NCUA votes for changes to Payday Alternative Loan program; while addressing some key concerns of community groups, overall the vote is a step in the wrong direction WASHINGTON, D.C. – Today, the National Credit Union…

Consumer and Civil Rights Groups Send Letters to FDIC, OCC, and Fed Urging them to Prevent Bank Payday Loans

June 11, 2019

FOR IMMEDIATE RELEASE: June 11, 2019 Letters come after news that regulators pursuing joint small-dollar policy; Growing concern that several Administration appointees may be giving green light for predatory loans WASHINGTON, D.C. – Today, the National Consumer Law Center (NCLC) joined a coalition of national civil rights and consumer groups in writing to top banking…

Broad Coalition Rebukes Trump-appointed CFPB Director’s Plan to Gut Payday Loan Rule

May 17, 2019

FOR IMMEDIATE RELEASE: May 17, 2019 CFPB is required to consider comments on its plan, which would eliminate protections from 300% APR payday loan debt traps House Oversight and Reform subcommittee hearing held on the proposal WASHINGTON, D.C. – The National Consumer Law Center (NCLC), as part of a coalition of civil rights, consumer, and…

Court Decision Signals End of Faux Tribal Payday Lending

April 24, 2019

FOR IMMEDIATE RELEASE: APRIL 24, 2019 Court Decision Signals End of Faux Tribal Payday Lending Washington – The Second Circuit Court of Appeals in a decision today against Think Finance and the officers of Plain Green Loans has made crystal clear that online tribal payday lenders must comply with state interest rate limits, licensing laws…

Consumer Financial Protection Bureau Guts Rule to Rein in High-Cost Short-Term Loans

February 14, 2019

FOR IMMEDIATE RELEASE: February 6, 2019 New Rule Proposal, If Finalized, Will Likely Face a Legal Challenge WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) under the leadership of new director Kathy Kraninger has proposed to largely repeal a common-sense rule that was scheduled to go into effect later this year that would…

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