Payday & Installment Loans Archives

Payday Lenders Plan to Evade California's New Interest Rate Cap Law Through Rent-A-Bank Schemes

October 1, 2019

Quotes from the transcripts of August 2019 earnings calls by three publicly-traded payday lenders that offer high-cost installment loans in California at rates of 135% to 199% describing their plans to enter into rent-a-bank schemes to evade the new law.

Groups: FDIC & OCC Are Wrong to Support Predatory Small Business Lender

October 24, 2019

FOR IMMEDIATE RELEASE: October 24, 2019 “It sends a terrible signal for the FDIC and OCC to support a predatory lender that used a bank to enable a destructive 120% APR loan.” WASHINGTON, D.C. – Small business advocates, consumer groups, and civil-rights advocates today sent a letter to the Federal Deposit Insurance Corp. (FDIC) and…

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…

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