WASHINGTON – During the House Financial Services Committee markup on Tuesday, members are expected to vote on at least four pieces of legislation that would harm families living paycheck to paycheck and struggling with affordability and access to credit. If enacted, these bills would expand payday loans aimed at low wage workers and make it…
NCLC is among 226 labor, consumer, civil rights, and community organizations that sent a letter opposing H.R. 9330, the misnamed Earned Wage Access Consumer Protection Act, which exempts earned wage payday loans from the Truth in Lending Act (TILA), the Military Lending Act, the Equal Credit Opportunity Act, and other federal laws. The bill preempts…
Order Could Enable Payday Lenders to Ignore State Consumer Protection Laws and Skip Guardrails to Get Bank Charters
Read More about Trump Fintech Order Will Promote Predatory Lending, Endanger Consumer Funds
Groups Urge Lawmakers to Reject Enova and OppFi’s National Bank Applications and to Support State and Federal Interest Rate Limits WASHINGTON – Today, over 100 consumer, civil rights, and community organizations sent a letter urging members of Congress to stop predatory bank loans by opposing the unprecedented national bank applications of Enova and OppFi. The…
Read More about Broad Coalition Urges Congress to Oppose Unaffordable 100%+ APR Bank Loans
The 106 undersigned consumer, civil rights, and community organizations wrote to Chairman Scott, Ranking Member Warren, Chairman Hill and Ranking Member Waters urging them to defend and strengthen interest rate limits and transparency to address the affordability crisis by:
Lenders pushing a new app-based form of payday loan claim they aren’t offering loans and they shouldn’t be covered by state or federal laws governing credit. However, to date, 14 out of 14 courts to rule on the issue have rejected industry arguments and found that wage advances offered through payday loan apps (so-called “earned…
Read More about Courts Reject Claims that Payday Loan Apps Don’t Offer Loans
NCLC submitted written testimony submitted to the Michigan House Committee on Regulatory Reform opposing H.B.5558 and associated bills. This proposed legislation would exempt a form of payday loan, so called “earned wage access” payday loans, from Michigan’s interest rate limits and transaction limits designed to prevent predatory lending.
Read More about Testimony in Opposition to H.B.5558 and Associated Legislation
Consumer, faith, civil rights, labor, human rights, and community advocacy groups, urge support for the Predatory Lending Elimination Act (S3793), sponsored in the Senate by Senator Jack Reed. This bill is the solution to the worst practices by predatory lenders in the consumer loan market. By expanding the protections already afforded active-duty service members under…
Read More about Coalition Letter in Support of the Predatory Lending Elimination Act
© Copyright 2025, National Consumer Law Center, Inc. All rights reserved. Caps on interest rates and junk fees are the primary vehicle by which states protect consumers from predatory lending. Forty-five states and the District of Columbia currently cap interest rates and loan fees for at least some consumer installment loans, depending on the size…
Johnathan Burkhard and Deven Burkhardt, individually and on behalf of all others similarly situated v. MoneyLion Technologies Inc., ML Plus, LLC, and MoneyLion of Florida, LLC, No. 1:25-cv-06761-DEH-SLC (S.D. NY) This case seeks relief against predatory earned wage access lender MoneyLion and related companies on behalf of a nationwide class of servicemembers and their spouses…
Read More about Burkhardt et al. v. MoneyLion Technologies Inc. et al.
Interest rate caps still vary greatly from state to state, rates are trending upward, and too many states allow lenders to pile on junk fees.
Read More about 50-State Survey: APRs Increase As States Allow Lenders to Pile on Junk Fees
Forty-five states and the District of Columbia (DC) currently cap interest rates and loan fees for at least some consumer installment loans, depending on the size of the loan. However, the caps vary greatly from state to state, and a few states do not cap interest rates at all.
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