Search Results

CA, CT, DC Issue Orders Against Fintech Payday Loans that Solicit “Tips”

May 18, 2023

Consent orders target SoLo Funds platform offering loans as high as 511%-4,280% APR WASHINGTON – Advocates applauded new consent orders from California, Connecticut, and the District of Columbia that block the fintech payday loan website SoLo Funds from offering unlicensed payday loans that use “tips” and “donations” to conceal annual percentage rates (APRs) of 511%…

Read More about CA, CT, DC Issue Orders Against Fintech Payday Loans that Solicit “Tips”
California DFPI Should Prevent Fintech Predatory Lending, Expand Protections in Earned Wage Advance Proposal

May 17, 2023

Proposed rule would require lenders to comply with California law, but triple-digit interest rates could remain.

Read More about California DFPI Should Prevent Fintech Predatory Lending, Expand Protections in Earned Wage Advance Proposal
California to Regulate Fintech Payday Loans

March 17, 2023

Junk fees, “tips” obscure APRs over 300% on earned wage advances, nonbank banking apps, and other fintech payday loans WASHINGTON – The California Department of Financial Protection and Innovation (DFPI) has proposed new regulations governing disguised fintech credit and released new data showing high costs for consumers who use earned wage advances and other fintech…

Read More about California to Regulate Fintech Payday Loans
Appeals Court Ruling on CFPB Threatens to Perpetuate Predatory Financial Practices

October 20, 2022

5th Circuit Decision Jeopardizes a Decade of Consumer Protections WASHINGTON – In an outrageous opinion that endangers efforts to protect American consumers from big banks and predatory actors, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit ruled this week that the funding mechanism of the Consumer Financial Protection Bureau (CFPB)…

Read More about Appeals Court Ruling on CFPB Threatens to Perpetuate Predatory Financial Practices
50-State Survey: State Predatory Lending Laws Show Significant Changes

June 22, 2022

June 22, 2022 NCLC’s Review of State Consumer Protection Laws Sees States Gaining, Losing Protections for Popular $2,000 Two-Year and $500 Six-Month Installment Loans WASHINGTON – A new report from the National Consumer Law Center finds progress toward a 36% APR cap for common short-term and longer-term loans in some states. In states that allow…

Read More about 50-State Survey: State Predatory Lending Laws Show Significant Changes
U.S. House Introduces 36% Rate Cap Bill to Curb High-Cost, Predatory Loans

November 17, 2021

November 17, 2021 Bipartisan bill enacts rate cap popular among voters of all stripes WASHINGTON – Advocates at the National Consumer Law Center applauded the introduction of the Veterans and Consumers Fair Credit Act (VCFCA) in the U.S. House of Representatives, led by Rep. Jesus “Chuy” Garcia (D-IL) and Rep. Glenn Grothman (R-WI). “Republican and…

Read More about U.S. House Introduces 36% Rate Cap Bill to Curb High-Cost, Predatory Loans

Search Results

CA, CT, DC Issue Orders Against Fintech Payday Loans that Solicit “Tips”

California DFPI Should Prevent Fintech Predatory Lending, Expand Protections in Earned Wage Advance Proposal

California to Regulate Fintech Payday Loans

Appeals Court Ruling on CFPB Threatens to Perpetuate Predatory Financial Practices

50-State Survey: State Predatory Lending Laws Show Significant Changes

U.S. House Introduces 36% Rate Cap Bill to Curb High-Cost, Predatory Loans