payday loans

A watchdog group targets payday lenders with a ‘2 strikes’ rule to help borrowers

6:04pm June 28, 2024

by Scott Neuman

The Consumer Financial Protection Bureau is set to move ahead with a long-stalled rule to protect borrowers from repeated attempts to collect loan payments from bank accounts with insufficient funds.

The drilling rig Polar Pioneer outfits for Arctic oil exploration in 2015. A proposed rule from the Trump administration would force banks to offer financing to oil companies, gun-makers and high-cost payday lenders, even if the banks don't want to.

Trump Regulator's Rule Would Force Banks To Lend To Gun-Makers And Oil Drillers

2:46pm January 11, 2021

by Chris Arnold

The Trump administration is trying to force banks to make loans to gun-makers and to finance payday lenders. Critics call the move bizarre. It's opposed by watchdog groups and banks.

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A manager of a financial services store in Ballwin, Mo., counts cash being paid to a client as part of a loan in 2018. Consumer groups blasted a new payday lending rule and its timing during a pandemic that has put tens of millions of people out of work.

Economy

CFPB Strips Some Consumer Protections For Payday Loans

5:11pm July 07, 2020

by Scott Horsley

Federal regulators issue a new rule that removes a key provision crafted during the Obama administration. Lenders no longer have to check that borrowers can repay a loan.

The Military Lending Act caps annual interest on loans to military members at 36% and offers other safeguards. Now, lawmakers are proposing to extend that protection to veterans and others.

A Ban On High-Cost Loans May Be Coming

12:46pm November 07, 2019

by Chris Arnold

Some payday loans carry interest rates of 100% or more. The Military Lending Act limits rates on loans to service members. Now, a bipartisan bill aims to extend that protection to all Americans.

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Harlem residents choose free groceries at the Food Bank For New York City in 2013. A number of new rules and actions proposed by the Trump administration could affect poor or low-income people who use government safety net programs.

Trump Wants To Limit Aid For Low-Income Americans. A Look At His Proposals

5:36pm June 11, 2019

by Pam Fessler

Low-income Americans who use government safety net programs could be affected by a number of proposed rules and actions in areas such as housing, food aid, overtime and immigration.

Consumer Financial Protection Bureau Director Kathy Kraninger speaks to media in Washington, D.C., in December 2018.

Consumer Protection Bureau Aims To Roll Back Rule For Payday Lending

5:21pm February 06, 2019

by Daniella Cheslow

The rule would have protected borrowers from ballooning loans with giant interest rates. Now, the Consumer Financial Protection Bureau proposes ripping the rule's teeth out.

More companies are stepping in to help their workers with a much cheaper way to get some emergency cash than payday loans.

Walmart And Others Offer Workers Payday Loan Alternative

8:21pm August 16, 2018

by Chris Arnold

When lower-income working Americans have an unexpected expense, many turn to high-cost loans and get in financial trouble. More employers are giving them a much cheaper way to get emergency cash.

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The White House is proposing changes to the Military Lending Act that critics say would leave service members vulnerable when they buy cars.

White House Takes Aim At Financial Protections For Military

9:12am August 13, 2018

by Chris Arnold

Documents obtained by NPR show proposed changes that critics say would leave service members vulnerable to getting ripped off when they buy cars.

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Comptroller of the Currency Joseph Otting, a former bank executive, is testifying before Congress this week about reshaping some banking rules.

Former Banker, Now Regulator, Wants To Allow Banks To Make Payday-Style Loans

2:58pm June 14, 2018

by Chris Arnold

Comptroller of the Currency Joseph Otting is a former bank executive testifying before Congress this week about reshaping some banking rules. He wants big banks to start making small-dollar loans.

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The Rev. Sekinah Hamlin (left) of Greensboro, N.C., and the Rev. Dr. Jack Sullivan Jr., of Findlay, Ohio, were among the faith leaders protesting outside the payday lenders conference near Miami.

Payday Lenders Convening At A Trump Resort Are Met By Protesters

9:15am April 19, 2018

by Greg Allen

The industry is holding its annual conference this week at Trump National Doral Golf Club near Miami. Critics say a Trump appointee is helping the industry by moving to ease regulations.

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