The Justice Department and the Federal Deposit Insurance Corporation (FDIC) have been exploiting a secretive federal anti-fraud initiative to deter banks from doing business with disfavored industries, such as payday lending
, a December report from the House Committee on Oversight and Government Reform found.
said while there is a role for the CFPB in addressing payday lending
issues, many politicians do not understand the benefits of such loans because they do not need them.
Only a handful ban the practice, while the rest, like Oregon, allow payday lending
but impose tight restrictions on interest rates.
ACAP on the fees and interest charged by payday lending
firms is to go ahead in January in a move to protect borrowers from escalating debts.
has emerged and grown into a major industry with customers measured in millions in just a few years.
Shadow treasury minister Catherine McKinnell, the Labour MP for Newcastle North, said seeing children advertise payday lending
was "difficult to stomach.
BRITISH regulators have nally made some progress in eorts to keep a lid on the payday lending
Almost 800 people made complaints about payday lending
in the 2012/13 financial year, compared with fewer than 300 in the previous year.
Tackling the increasing numbers of payday lending
businesses and bookmakers will not only stop more people being driven into poverty but will help our town centres be more attractive places for people to live, work and visit.
Plans to reduce the numbers of payday lenders on the high street will be discussed at Scotland s first Payday Lending
Summit in Glasgow today.
A report by the Institute for Public Policy Research (IPPR) said it supported "overdue efforts" to clamp down on "the worst practices in the payday lending
Whereas most consumer advocates would prefer to ban or strictly limit high cost payday lending
activity and address unfair/abusive lending practices, the CFPB must also be attentive to the impact of regulation on credit access for low-wage, credit-constrained payday borrowers.