http://www.responsiblelending.org feed-51154882 web@responsiblelending.org 2010 Center for Responsible Lending Convio Content Management System Module en-us http://www.responsiblelending.org/styles/images/crl-logotag.jpg http://www.responsiblelending.org www.responsiblelending.org-315190216 http://feedproxy.google.com/~r/CRLPaydayLending/~3/bRrXYar7570/letter-to-bank-regulators-re-bank-payday-lending.html Two hundred and fifty national, state and local organizations and individual advocates have asked bank regulators to stop banks from making predatory payday loans, which carry triple-digit annual interest rates of as much as 400 percent. Wed, 22 Feb 2012 00:00:00 -0600 http://www.responsiblelending.org/payday-lending/policy-legislation/regulators/letter-to-bank-regulators-re-bank-payday-lending.html www.responsiblelending.org-293765490 http://feedproxy.google.com/~r/CRLPaydayLending/~3/zqdIHPQJjKc/predatory-payday-lending-by-banks.html Four big banks are making payday loans to customers, stripping funds from their checking accounts in a cycle of debt near 400% annual interest. Fri, 02 Dec 2011 00:00:00 -0600 http://www.responsiblelending.org/payday-lending/policy-legislation/predatory-payday-lending-by-banks.html www.responsiblelending.org-254268782 http://feedproxy.google.com/~r/CRLPaydayLending/~3/ej1dIgJkn2c/big-bank-payday-loans.html A new CRL report describes how banks are adding predatory payday loans to their arsenal of inappropriate loan products. These loans drain cash from low-income Americans. Thu, 21 Jul 2011 00:00:00 -0500 http://www.responsiblelending.org/payday-lending/research-analysis/big-bank-payday-loans.html www.responsiblelending.org-225153240 http://feedproxy.google.com/~r/CRLPaydayLending/~3/A8kNgym_cHk/payday-loans-inc.html New CRL research tracking borrowers over two years dispels the notion that a payday loan is a short-term debt. Although marketed and advertised as a quick solution to an occasional financial shortfall, most borrowers remained indebted for the 24 months that followed their initial loan. Thu, 31 Mar 2011 00:00:00 -0500 http://www.responsiblelending.org/payday-lending/research-analysis/payday-loans-inc.html www.responsiblelending.org-190778223 http://feedproxy.google.com/~r/CRLPaydayLending/~3/1ql2WagL0Sc/military-and-payday.html Military and Payday: Congress acted to protect military families from this predation by including a measure in the Defense Authorization Act of 2006 that prohibits payday and title lenders from charging higher than 36 percent APR. Mon, 22 Nov 2010 00:00:00 -0600 http://www.responsiblelending.org/payday-lending/policy-legislation/congress/military-and-payday.html www.responsiblelending.org-185450468 http://feedproxy.google.com/~r/CRLPaydayLending/~3/kw4vLMe5rfo/map-US-payday-stores.html This color-coded map of payday stores by household reveals a disturbing pattern. Southern states are among the most targeted for these high-cost, low-dollar loans. Mon, 01 Nov 2010 00:00:00 -0500 http://www.responsiblelending.org/payday-lending/policy-legislation/states/map-US-payday-stores.html www.responsiblelending.org-183201003 http://feedproxy.google.com/~r/CRLPaydayLending/~3/AEri0fSIe4I/summary-of-the-military-lending-act.html CRL summarizes the provisions of the Military Lending Act, which restricted the APR for certain types of loans to military personnel to 36%. The MLA covers payday loans, car title loans and refund anticipation loans. Fri, 22 Oct 2010 00:00:00 -0500 http://www.responsiblelending.org/payday-lending/research-analysis/summary-of-the-military-lending-act.html www.responsiblelending.org-160968568 http://feedproxy.google.com/~r/CRLPaydayLending/~3/ob3H0U3hTGA/high-cost-payday-lending-in-Mississippi.html The state of Mississippi is gearing up for a legislative battle as the expiration of a law approaches in 2012. If the law sunsets as scheduled, payday lenders will no longer be exempt from a 36 percent cap on annual interest rates. Payday loans carry rates of up to 572 percent and cost families $270 million in fees every year. Mon, 26 Jul 2010 00:00:00 -0500 http://www.responsiblelending.org/payday-lending/policy-legislation/states/high-cost-payday-lending-in-Mississippi.html www.responsiblelending.org-159615350 http://feedproxy.google.com/~r/CRLPaydayLending/~3/c03OePb4GZY/payday-lenders-pose-as-brokers.html In recent years, a growing number of states have enacted interest rate caps and other protections to eliminate abusive payday lending practices that trap consumers in long term debt. Payday lenders repeatedly evade these rules, finding new ways to maintain business as usual and continue to offer short-term loans with triple-digit interest rates. The latest form of subterfuge is one in which the payday lenders position themselves as brokers, seeking licensure under state-level laws designed to regulate credit repair organizations. Under this scheme, payday lenders charge the maximum interest rate allowed on the underlying loan plus an additional "broker" fee, typically ranging from $20 to $25 per $100, resulting in loans with an effective annual percent interest (APR) in excess of 500%. Fri, 16 Jul 2010 00:00:00 -0500 http://www.responsiblelending.org/payday-lending/policy-legislation/states/payday-lenders-pose-as-brokers.html www.responsiblelending.org-243288255 http://feedproxy.google.com/~r/CRLPaydayLending/~3/ORwECJYi_PU/comment-NCUA-short-term-small-amount-loans.html Comments of the Center for Responsible Lending on the Notice of Proposed Rulemaking on Short-term, Small Amount Loans from National Credit Union Administration--12 CFR Part 701--RIN 3133-AD71. Submitted July 6, 2010. Tue, 06 Jul 2010 00:00:00 -0500 http://www.responsiblelending.org/payday-lending/policy-legislation/regulators/comment-NCUA-short-term-small-amount-loans.html