While feds loosen payday loan regulations, Colorado voters could clamp down, By Liz Farmer, August 30, 2018, Governing: “As the federal government walks back historic regulations on payday lending, Colorado voters this fall will be asked to tighten them — a sign that strong consumer protections are increasingly being left to the states…”
Tag: Payday lending
Payday Lending – Colorado
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…”
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…”