Payday loans have average interest rates of 129% in Colorado. A ballot measure proposes capping them., By Brian Eason, February 21, 2018, Denver Post: “With a growing body of research showing that a prior round of reforms did not eliminate abuses in the payday-lending business in Colorado, reform supporters are now looking to ask voters to limit interest rates on the short-term loans…”
Tag: Financial services
Payday Lending
- Under Trump appointee, consumer protection agency seen helping payday lenders, By Chris Arnold, January 24, 2018, National Public Radio: “Payday lenders appear to have a powerful friend in Washington. Former Republican Rep. Mick Mulvaney is the interim head of the Consumer Financial Protection Bureau. He was appointed by President Trump amid an ongoing a power struggle for control of the bureau. Watchdog groups are up in arms because, under Mulvaney, the CFPB has put on hold a rule that would restrict payday lenders and their high-interest-rate loans. The agency has also dropped a lawsuit against online lenders charging 900 percent interest rates…”
- Federal payday lending rule could face repeal amid new battle, By Kevin McCoy, January 22, 2018, USA Today: “Consumer advocates and business groups are battling over the possibility the Trump administration will eliminate a rule aimed at ensuring borrowers who take out high-interest loans between paychecks can afford to pay them back. Consumer groups say the so-called payday lending rule finalized last year by the U.S. Consumer Financial Protection Bureau should be fully implemented as soon as possible…”
Payday Lending – Ohio
Curbs on payday loans a tough sell to Ohio lawmakers, By Jim Siegel, October 17, 2017, Columbus Dispatch: “When Ohio lawmakers pass a law that doesn’t come close to working as planned, they often fix it. Not so much with payday lending regulations approved nine years ago. Short-term lenders in Ohio today are charging the highest rates in the nation, according to The Pew Charitable Trusts. A Republican lawmaker who wants to change that says he’s getting pushback from GOP colleagues who control the legislature…”