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Payday Lending

Albany Considering Handing Check Cashers Blank Check for Predatory Lending

Jonathan B. Mintz | Posted 09.17.2011 | New York
Jonathan B. Mintz

A very dangerous bill has made alarming progress in Albany the last few legislative sessions and I fear more of the same in the next session.

Legalized Loan-Sharking: Is It Coming to New York?

Amy Traub | Posted 07.26.2011 | New York
Amy Traub

Payday lending has been denounced as "a scourge on vulnerable citizens" and condemned as "modern day usury." So why do some state legislators want to introduce these predatory financial products to NY?

Zach Carter

Payday Loan Kingpin Praises Elizabeth Warren | Zach Carter | Posted 07.10.2011 | Business

This article has been updated WASHINGTON -- The Chairman of the nation's largest payday lending outifit is making the rounds in the nation's capita...

Zach Carter

House Republicans Amplify Attacks On Elizabeth Warren, Consumer Protection | Zach Carter | Posted 05.25.2011 | Politics

WASHINGTON -- In a hearing marked by openly hostile questioning from House Republicans, consumer advocate Elizabeth Warren made her highly anticipated...

Zach Carter

In Stealth Lobbying Move, Wall Street Coordinates With Check-Cashers, Payday Lenders To Gut CFPB | Zach Carter | Posted 05.25.2011 | Politics

WASHINGTON -- Wall Street banks are deploying little-known lobbying organizations who represent companies like Pizza Hut and Radio Shack in a new push...

A Beginner's Guide to Stopping Payday Lenders

Don McNay | Posted 05.25.2011 | Business
Don McNay

When people wanting to get rid of payday lending get organized and vote out a couple of payday lending supporters, the rest of the legislatures will take them seriously.

Zach Carter

CFPB May Crowdsource Payday Lender Crackdown | Zach Carter | Posted 05.25.2011 | Politics

WASHINGTON -- The new Consumer Financial Protection Bureau rolled out a preliminary version of its website on Thursday, and with it a few indications ...

Five Things Bank of America Could do to Address the Real Crisis

Gordon Whitman | Posted 05.25.2011 | Business
Gordon Whitman

In anticipation of becoming Wikileaks next victim, Bank of America CEO Brian Moynihan is spending millions of dollars on crisis management, even tryin...

Reporter Spends Month Living Without A Bank, Finds Sky-High Fees

Posted 05.25.2011 | Business

NEW YORK (AP, Candice Choi) -- The nickel-and-diming never stopped. The fees were constant: $28 to cash a paycheck. $1.50 for a money order. A doll...

John Suthers's Payday Donations Prompt Interest In New Campaign Finance Restrictions

The Colorado Independent | John Tomasic | Posted 05.25.2011 | Denver

Colorado Attorney General John Suthers is unabashed about having taken campaign cash from the payday loan industry. The donations and his refusal to r...

Arthur Delaney

Extended Unemployment Could Outlast Extended Unemployment Insurance | Arthur Delaney | Posted 05.25.2011 | Politics

WASHINGTON -- The government announced Friday morning that the unemployment situation barely changed in October. The unemployment rate has been stuck ...

Don't Worry About The Bedbugs -- Eliminate the Financial Parasites

John Harrington | Posted 05.25.2011 | Business
John Harrington

$1.6 billion of interest, excessive fees, and other exorbitant costs are being charged to poor people every single day, making it almost physically and fiscally impossible for individuals to exit the poverty cycle.

John Suthers's Proposed Payday Loan Rule 'Absurd,' Says Ritter's Attorney

Grand Junction Daily Sentinel | Charles Ashby | Posted 05.25.2011 | Denver

Proposed new rules for payday lending companies are being attacked by the industry as well as people who want to see stricter regulations. Gov. Bil...

John Suthers Racks Up Campaign Donations From Payday Lenders As He's Crafting New Rules

Grand Junction Daily Sentinel | Charles Ashby | Posted 05.25.2011 | Denver

Colorado Attorney General John Suthers has accepted thousands of dollars in campaign contributions for his re-election bid from numerous payday lendin...

The beginning of the end for abusive payday loans?

Patrice Peyret | Posted 05.25.2011 | Business
Patrice Peyret

Gary Rivlin's book "Broke USA" describes Sandra Harris, an accounting technician who borrowed $200 from a payday lender to pay her car insurance afte...

Preserving a Victory on Payday Lending Reform

Chris Romer | Posted 05.25.2011 | Denver
Chris Romer

When the Governor signed our bill in June, we thought predatory lenders would be reasonably regulated and military and working families could escape cycles of debt. But then came a July ruling.

Payday Lending's Final Payday?

Matt Fellowes | Posted 05.25.2011 | Business
Matt Fellowes

While the financial reform law that was signed by President Obama yesterday signaled a renewed interest in Washington to regulate go-go bankers, it may have an even greater impact on "fringe banking."

Round Two: Banks Need to Rebuild What They Broke

George Goehl | Posted 05.25.2011 | Business
George Goehl

Moving forward we need more lending activities to be covered by our community reinvestment laws. Here are three ways our community reinvestment regulations need to be modernized.

Was "Financial Reform" Really Robin Hood In Reverse?

Don McNay | Posted 05.25.2011 | Business
Don McNay

"Financial Reform" will be a boom for people in the payday loan business. There will be many new customers who need bank-like services. It's almost like Congress implemented a plan of "Reverse Robin Hood."

Payday Lenders Exit Arizona -- In Theory at Least

Gary Rivlin | Posted 05.25.2011 | Business
Gary Rivlin

Today is the day that the payday lenders are supposed to close up shop in Arizona. But rather than celebrate, consumer advocates are braced for what might be coming next.

The Debt Relief Rip-Off

Don McNay | Posted 05.25.2011 | Business
Don McNay

Desperate people want to believe it's true. They want to believe that there are companies that can easily get rid of their credit card debt. More often than not, they are deeply disappointed.

The Hill Goes to Bat for Payday Lenders

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

The Hill published a truly outrageous op-ed by a payday lending front group, and the publication didn't bother to tell readers it was providing a platform for a predatory hatchet-woman.

Naming Names: Every Bank and Business That Is a Subprime Lender

Gary Rivlin | Posted 05.25.2011 | Business
Gary Rivlin

How many of the country's largest, best-known banks and corporations took huge, deep gulps at the well of the poverty industry? Well, how much time do you have?

States Target Payday Lenders

AP | JONATHAN J. COOPER | Posted 05.25.2011 | Business

PHOENIX — When Jeffrey Smith needed some quick cash to pay a medical bill, he turned to a payday loan store near his home outside Phoenix. He e...

Portrait of a Subprime Lender: Allan Jones, Payday King

Gary Rivlin | Posted 05.25.2011 | Business
Gary Rivlin

How is it that there are as many payday stores in the country as there are McDonald's and Burger Kings? Part of the answer is that they have become ubiquitous wherever there's a concentration of people barely scraping by.