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Articles for Payday, search results for lending

Column: Federal regulators step up their campaign against predatory payday lenders and their rip-offs
5 months ago

Column: Federal regulators step up their campaign against predatory payday lenders and their rip-offs

LA Times  

In 2017, the federal government was poised to give low-income consumers a respite from the myriad abuses and rip-offs visited on them by the payday lending industry. “When interest rates and fees on these loans are high, this can lead to a treadmill of debt that keeps getting faster and faster,” CFPB Director Rohit Chopra said in announcing the new …

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U.S. agency says apps that let workers access paychecks before payday are lenders
5 months ago

U.S. agency says apps that let workers access paychecks before payday are lenders

LA Times  

Rohit Chopra, director of the Consumer Financial Protection Bureau, speaks at the White House on March 5. The Consumer Financial Protection Bureau said Thursday that apps that allow workers to access their paychecks in advance, often for a fee, are providing loans and therefore subject to the Truth in Lending Act, a 1968 law that requires lenders to disclose all …

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US agency says apps that let workers access paychecks before payday are providing loans
5 months ago

US agency says apps that let workers access paychecks before payday are providing loans

Associated Press  

NEW YORK — The Consumer Financial Protection Bureau said Thursday that apps that allow workers to access their paychecks in advance, often for a fee, are providing loans and therefore subject to the Truth in Lending Act, a 1968 law that requires lenders disclose all loan costs and fees. Christine Zinner, policy counsel at Americans for Financial Reform, said the …

Access Loans Workers Fees Apps Chopra Wage
Supreme Court rejects payday lenders’ challenge to Obama-era consumer protection bureau
7 months, 1 week ago

Supreme Court rejects payday lenders’ challenge to Obama-era consumer protection bureau

LA Times  

Sen. Elizabeth Warren proposed the creation of the consumer protection agency when she was a law professor. The Supreme Court on Thursday upheld the U.S. consumer protection agency that was created under President Obama and congressional Democrats to protect Americans from financial scams. The lower court had questioned the legality of the Consumer Financial Protection Bureau, ruling it was not …

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Voting, payday lending ballot drives advance in Michigan
2 years, 10 months ago

Voting, payday lending ballot drives advance in Michigan

Associated Press  

DELTA TOWNSHIP, Mich. — Ballot drives to expand voting options, restrict payday loans and overhaul Michigan’s citizens initiative process cleared steps before the state elections board Friday, enabling organizers to start collecting hundreds of thousands of signatures to qualify for the 2022 ballot. Its constitutional amendment — proposed months after Republicans launched a veto-proof initiative they contend would improve election …

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Trump Regulator's Rule Would Force Banks To Lend To Gun-Makers And Oil Drillers
3 years, 11 months ago

Trump Regulator's Rule Would Force Banks To Lend To Gun-Makers And Oil Drillers

NPR  

Trump Regulator's Rule Would Force Banks To Lend To Gun-Makers And Oil Drillers Enlarge this image toggle caption Elaine Thompson/AP Elaine Thompson/AP The Trump administration is trying to push through a last-minute rule that could force banks to offer loans to gun-makers and oil exploration companies or to finance high-cost payday lenders. Sponsor Message "It's a very poorly constructed rule," …

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Trump's CFPB Director pushed to resign over new rule allowing predatory "debt traps"
4 years, 5 months ago

Trump's CFPB Director pushed to resign over new rule allowing predatory "debt traps"

Salon  

This article originally appeared at Common Dreams. Consumer Financial Protection Bureau director Kathy Kraninger is facing calls to resign after her agency finalized a rule Tuesday that critics say will further expose vulnerable people to "debt traps" set by payday and car-title lenders. Kraninger, who was nominated by President Donald Trump and confirmed by the Senate in 2018, "just stamped …

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