March 15 • Where the Wolf Comes Knocking - housing foreclosures on rise Washington Post March 13 • MS, LA have highest rate of foreclosures Casey Foundation December 4 • Clarion Ledger Editorial -- Payday Loans:State, feds have an obligation Clarion Ledger November 27 • Officials from MCJ said they will push the legislature to force payday lenders to disclose operations information in the state The Daily Sentinel Star October 25 • Yumeka Rushing: Attention needed on predatory lending measures Meridian Star October 2 • Opinion - SOS: Trapped in payday loans USA Today October 1 • Credit unions target payday-loan trap; Mainstream lenders [credit unions] now offer alternatives Salem, Oregon Statesman Journal September 29 • Payday loan firm [Advance American Cash Advance Centers, Inc.]stops lending to military UPI Bill caps payday lending interest; Legislation would restrict charges to 36% Houston Chronicle Discussion on payday lending turns lively;AARP meeting brings out supporters and detractors of business The State, Columbia, SC September 27• Payday lending cultivates [North Carolina] legislative support for comeback Yes Weekly, Greensboro, NC Payday lending booms in [CO]; Short-term loans at high rates reached $500 million in '05 Rocky Mountain News Advance America says it will no longer offer service for active troops The State [SC] [RI] rejects license for lending store [in poor neighborhood] Providence Journal September 26 • Payday lending in Colorado on the rise; in CO AG regulates payday industry Rocky Mountain News September 25 • Advocacy group [MCJ] wants more limits on payday loan establishments The Meridian Star Letter to the Editor: Proposed loan rules 'ridiculous' Clarion Ledger Letter to the Editor: Payday loans aren’t all bad Hattiesburg American September 24 • Everyday is Payday in Mississippi The Meridian Star; link here to front page Editorial: Payday loan businesses need a closer look The Meridian Star September 23 • Payday Mayday Richmond (VA) Simple Syndication Let credit unions offer quick-cash alternative; Encourage options to payday, car-title loans. Des Moines Register September 22 • Hattiesburg American Columnist revisits state's payday loan policy Hattiesburg American September 21• Congress passes military protection bill - but payday lending bill still pending Houston Chronicle September 19 • Breaking the cycle of payday loan 'trap' USA Today September 18 • YUMEKA RUSHING: Minority lending issue is easily addressed Clarion Ledger September 17 • [AL] Senator who had payday loan firms seeks changes in industry Sun Herald September 16 • Letter to the Editor: Payday loans a legitimate service Clarion Ledger September 15 • Payday loans may not be wisest way to borrow money Hattiesburg American MARTHA BERGMARK: Payday lending: getting money is easy, but costly Sun Herald September 14 • [S.C. Gov.]Sanford won't push payday lending restrictions Myrtle Beach Online Ark. GOP gubernatorial candidate opposes payday lending Arkansas Blog September 12 • MARTHA BERGMARK: Payday Lenders - Mississippi's Newest Growth Industry Laurel Leader Call September 11 • Lending: Outrageous rates raise questions - EDITORIAL - Clarion Ledger September 9 • [MS]Payday loan rates called exorbitant - annual rate is 468 percent Sun Herald September 8 • [MS] Legislature should look at payday industry Hattiesburg American PAHEADRA ROBINSON: [MS] Payday lenders easy to find Clarion Ledger California Lawmakers Reject Predatory Lending Protection Bill Navy News September 7 • Military faces big guns TPM Cafe Payday Lending [S.C. & AARP] The State [S.C.] AARP lectures will cover payday lenders Myrtle Beach Online Lending the poor a helping hand [reform efforts in [AL] Birmingham News Sudden Debt AARP Magazine September 6 • DAVID MILLER:[MS] Group wants to tighten regulation on payday lending Hattiesburg American September 4 • Congress should protect all from high-interest payday loans Walla Walla Union-Bulletin September 3 • Title-loan ruling is one small step in correcting problem Tuscaloosa News
|
POLICY: Economic Justice Text from this space is being revised.
-0- From The Center for Responsible Lending: A Stunning Success - Congress shows real support for troops with major consumer credit protection measure Congress is poised to pass a measure today [Sept. 29] that will offer real support for our troops by stopping payday and other high-cost lenders from charging excessive interest to military families. The measure comes one year after the Center for Responsible Lending published its report, "Payday Lenders Target the Military," finding that active-duty military are three times more likely than civilian personnel to have taken out a payday loan. An amendment to the Defense Authorization bill sponsored by Senators Jim Talent (R-MO) and Bill Nelson (D-FL) passed a House-Senate Conference committee. The amendment will cap annual interest rates on loans to military borrowers and their families at 36 percent. The usury cap, enforced to prevent loan sharking in many states, cuts off access to soldiers, sailors and aviators for payday lenders across the nation who cluster around military bases and charge a typical 400 percent interest on loans designed to trap borrowers in debt. The measure applies to all consumer credit products, including car title loans, which are similar to payday loans but claim title to the borrower's vehicle as collateral. CRL congratulates Senators Talent and Nelson, as well as military, veterans, consumer and civil rights groups, for success in this hard-fought battle. Not only will this amendment protect the people who risk their lives to protect us, so urgently needed in this time of war, but it is also a sweeping measure that represents a significant advance in the work of ensuring responsible lending practices for everyone. -0- Department of Defense Documents Impact of Predatory Lending on Military Troops According to the Department of Defense, predatory lending is weakening our military
The DoD's report focuses on payday lending, car title lending, rent-to-own, refund anticipation loans, military installment loans and fee-based overdraft programs, and describes the impact of these practices on all branches of the military. With this report, the DoD recognizes the faulty design of payday loans and other products that create a cycle of debt instead of helping borrowers through a shortfall. The DoD is highly concerned about the impact of this abusive lending on its personnel and the functioning of the military. link to report via Center for Responsible Lending -0- A Quick Cash Alternative in Iowa - from the Des Moines Register: Iowa Credit Union League has put together a payday-lending task force. It's working on a legislative proposal that would allow credit unions to provide alternative lending opportunities for short-term loans . . . . Legislative approval would be needed for credit unions to charge a small application fee to cover costs associated with short-term loans and provide check-cashing services to non-members. -0- "There is no reason for this state to allow its people, whose incomes trail those of folks in most other states, to be lured into a cycle of debt from which they can't recover. These predatory lenders should not be allowed to charge absurd interest rates. I understand some people are higher-risk borrowers and its only right for lenders to be able to charge them a higher rate. But should that higher rate be triple digits? Being a high risk shouldn't mean you have to become an easy mark for legalized loan sharks." Warren Bolton in the Columbia, S.C. State -0- Last month (August), the Pentagon asked Congress for federal legislation to place an annual 36 percent ceiling on short-term loans made to members of the military. According to the Pentagon, “Predatory lending undermines military readiness, harms the morale of troops and their families, and adds to the cost of fielding an all-volunteer fighting force.” The report also showed that the number of security clearance denials for financial reasons jumped 10 times form fiscal 2002 to 2006. In its report, the Department of Defense estimated that 225,000 service members - or 17 percent of the military - use payday loans. The Center for Responsible Lending says that one in five service members took out such a loan in 2004, and that someone who borrows $325 pays an average of $800 in charges. Payday lenders say a mandated cap [being considered by Congress] could force some lenders to close, driving soldiers and sailors to unregulated lenders, including Internet sites registered outside the United States. -0- 9/14/06 - Washington - A Pentagon official urged Congress to limit interest rates on payday loans to military service members, thousands of whom are paying ruinous rates and falling into a cycle of debt. They "have fallen into the Venus flytrap of payday lending and it has literally destroyed their lives," said retired Adm. Charles Abbot, president and CEO of the Navy-Marine Corps Relief Society. A measure imposing a 36 percent cap on the annual interest rate passed the Senate earlier this year, but the ceiling was not included in a House-passed version.
|