Payday loans occupy needed niche; proposed reform could have fallout

By SANDY LOPEZ VIEW STAFF WRITER Payday loans are controversial because they take the form of small, short-term cash advances at high interest rates. Industry reform advocates say they are a predatory business despite helping roughly 12 million mostly lower-income people per year. Payday is a $50 billion-a-year nationwide industry. “A large group of people […]

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Why Payday Loans are Good for Millions of People

I’m deeply concerned about the unintended consequences this could have on much needed financial services for underbanked people who rely on legitimate short-term lenders, commonly referred to as payday lenders.The Justice Department and state regulators are targeting banks that service a broad range of what they consider questionable financial ventures, including some online payday lenders. […]

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PAYDAY: To Learn About Hypocrisy, Google ‘Oregon Florist’

So, a customer goes to a business to purchase a product. The business refuses to sell. The customer asks why. The business says, however politely, “Because we don’t approve of you.” And the business gets in trouble, right florists, wedding hall operators and cake-bakers of America? Actually, we’ll see about that. Google announced Wednesday it […]

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Payday lending causing Washington argument

Washington Post By Chico Harlan April 5 The Consumer Financial Protection Bureau is about to release sweeping new rules that take aim at the payday lending industry, a controversial attempt to rein in loans that offer lifelines to lower-income borrowers but come with staggeringly high fees. But the controversy isn’t just about the scope of the regulations. […]

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Postal Banking & Payday Lending Back in the News

Public Banking Institute Blog posted by Matt Stannard March 01, 2016 “The basic idea of modern postal banking,” Mehrsa Baradaran writes in How the Other Half Banks, “is a public bank offering a wide range of transaction services, including financial transactions, remittance, savings accounts, and small lending. These institutions would remain affordable because of economies […]

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DNC Chair trying to curtail coming CFPB regulations

by Jeff Stein on March 2, 2016, 6:00 p.m. ET The head of the Democratic Party is supporting a Republican-backed effort to weaken Sen. Elizabeth Warren’s Consumer Financial Protection Bureau, opening up a rift between the party’s factions during an already bitter presidential primary fight. Democratic National Committee Chair Rep. Debbie Wasserman Schultz has joined […]

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