Senators Tom Udall and Martin Heinrich cosponsored the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act to crack down on some of the worst abuses of the payday lending industry, particularly in online payday lending, and protect consumers from deceptive and predatory practices that strip wealth from working families.
Under the Trump Administrations leadership, the Consumer Financial Protection Bureau (CFPB), which previously was set to institute national rules related to payday loans, has suddenly reversed course on consumer protections from payday predators.
Mick Mulvaney's Consumer Financial Protection Bureau (CFPB) quietly closed an investigation into a payday lender headquartered in Mulvaney's home state Monday.
Payday lender World Acceptance Corporation (https://www.
Despite the negatives overshadowing payday
lending, often seen as predatory, primarily because of high interest rates that hover around 400%, one survey paints a different picture of payday
Global Banking News-June 1, 2017--New banking plan in US could help payday
Evidence Suggests No Adverse Effects of Payday
Lending on Military Members," by Susan Payne Carter and William Skimmyhorn.
2) Borrowing against future income is a common practice, and payday
lenders serve consumers lacking the income necessary to adequately cover financial needs.
With very high interest rates of 45%-50%, payday
loans are given in advance of the next pay cheque and cater to blue collar workers, who are paid on a weekly basis.
The UK's Financial Conduct Authority (FCA) announced on Monday that CFO Lending, a payday
loans firm, has agreed to repay over GBP34m to customers for its "unfair practices".
In particular, did Americans turn to payday
lenders as an alternative?
Loan Industry's Relationship with Sovereign Immunity