Links in “Payday Lending/Money Services Businesses”
- Do You Have a Payday Loan?
If your customers or members have a payday loan, they should know they're not alone, and that they should watch this video. Payday loans can have higher interest rates and fees than other loans, and may not always be the best option. [7/30/15]
- DOJ Internal Watchdog: No Evidence of Operation Choke Point Wrongdoing
Internal watchdog finds no evidence that DOJ attorneys engaged in misconduct or improperly targeted payday lenders or other lawful businesses in its investigation known as Operation Choke Point. [7/13/15]
- Payday Lenders Pay Up
Two payday lenders who were charged by the FTC last year have decided to settle and will be banned from consumer lending and charged with a total fee of $55 million. [7/8/15]
- Senator to CFPB on Payday Lending Rulemaking: Not So Fast
Senator who chairs the Senate Committee on Small Business and Entrepreneurship has asked the Government Accountability Office to investigate the CFPB's payday lending rulemaking process. [6/30/15]
- Study on Impact of CFPB’s Proposal on Payday Lenders
A study projects an 82% revenue cut for payday lenders, likely forcing many of them to close, if the CFPB's payday loan proposals are implemented. The study "underscores the CFPB's complete lack of understanding of how its proposed rules would impact consumers." [6/19/15]
- Is There a Secret Payday Lending/Operation Choke Point Agenda?
The Hill speculates that the CFPB's forthcoming payday loans and Operation Choke Point are part of a larger plan. [6/3/15]
- Deceptive Payday Loan Provider Pays Up
In 2012 American Credit Crunchers LLC was charged with deceptive payday loans. Checks are going out today to those who were harmed by this company and its shenanigans. [5/18/15]
- Changes Are Ahead for Servicemembers’ Payday Lending Options
Recent regulatory proposals from the Defense Department and the CFPB may cause significant changes to payday lending options available to military members through credit unions. [5/6/15]
- What Cordray Missed: Payday Lending Rules Would Kill Payday Lenders
CFPB Director Cordray made his opening remarks to a room of payday lenders, then left. The rest of the session featured a succession of payday lenders trying to convey to CFPB officials that its proposed rules would wipe out their industry. [5/1/15]
- Postal Banking: A Disaster or a Solution?
With the CFPBâs crackdown on payday lenders, some in Congress are suggesting that the U.S. Postal system could present an alternative avenue for consumers who need access to short-term cash. The postal serviceâs brick and mortar delivery system is an attractive option, but does it really make sense to use a 19th century business model to serve the âunbanked?â [4/6/15]
