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Payday Loans
Quick Hit
by Ellyn Fortino
4:19pm
Thu Jun 2, 2016

Federal Consumer Watchdog Proposes Crackdown On Payday Lending Practices

The Consumer Financial Protection Bureau (CFPB) proposed new regulations Thursday to crack down on the payday lending industry. 

Payday lending provides short-term access to credit, but usually comes with high interest rates, often in the triple digits, and expensive fees.

"The consumer bureau is proposing strong protections aimed at ending payday debt traps," CFPB Director Richard Cordray said in a news release. "Too many borrowers seeking a short-term cash fix are saddled with loans they cannot afford and sink into long-term debt. It's much like getting into a taxi just to ride across town and finding yourself stuck in a ruinously expensive cross-country journey. By putting in place mainstream, common-sense lending standards, our proposal would prevent lenders from succeeding by setting up borrowers to fail."

Quick Hit
by Ashlee Rezin
9:48am
Mon Jul 8, 2013

Consumer Advocates Highlight Need For Savings Account Programs For Low-Income Americans

Automatically transferring a small amount of money into a basic savings account every month is the easiest and most effective way for low- to moderate-income individuals to save money, according to a recent report by the Consumer Federation of America (CFA).

“It’s so very important to build up savings, even if it’s just couple hundred, and park it for emergencies,” said Stephen Brobeck, executive director of the CFA, and author of the report, “Savings Accounts: Their Characteristics and Usefullness.”

Quick Hit
by Ashlee Rezin
10:11am
Fri Jun 7, 2013

Consumer Advocates Say Payday Lending Worsens Debt, Call For Federal Ban

Consumer advocates are calling for a ban on all types of payday lending, saying that without regulatory federal laws, millions of borrowers charged triple-digit annual percentage rates (APR) will continue to be trapped in never-ending cycles of debt.

“Payday lenders destroy wealth in the middle class,” said Robert Lawless, co-director of the University of Illinois Program on Law, Behavior and Social Science.

Quick Hit
by Micah Maidenberg
10:27am
Mon Dec 13, 2010

Until March, 700 Percent Interest Rates Still Legal

Advocates will sing financial reform carols outside a payday loan store in Chicago's Loop this morning, offering a simple message to city residents and commuters: beware of the Payday Loan Grinch, who is still able to offer loans that carry interest rates of up to 700