Comments to the CFPB on Proposed Rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans
Joint comments were submitted by the Center for Responsible Lending, Consumer Federation of America and National Consumer Law Center.
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California to Regulate Fintech Payday Loans
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…
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H.R. 9307: The SAFE Lending Act of 2022
NCLC supports the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act.
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Predatory Installment Lending in the States: How Well Do the States Protect Consumers Against High-Cost Installment Loans? (2021)
This is an outdated report. For the most current version click here. Caps on interest rates and loan fees are the primary vehicle by which states protect consumers from predatory lending. 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…
