Skip to main content

Trump’s CFPB Deploys Predatory Lenders as First Responders to Pandemic

Terri Friedline The Intercept
storefront The agency deregulated small-dollar lending by repealing consumer protections on payday and auto title loans. The CFPB’s rule makes this form of racial capitalism even more punishing...paving the way for lenders to prey on Black and Brown households.

They Loan You Money. Then They Get a Warrant for Your Arrest.

Anjali Tsui ProPublica
dollar bill with handcuffs High-interest loan companies are using Utah’s small claims courts to arrest borrowers and take their bail money. Technically, the warrants are issued for missing court hearings. For many, that’s a distinction without a difference.

The Payday Playbook: How High Cost Lenders Fight to Stay Legal

Paul Kiel Nation of Change
Last year, activists in Missouri launched a ballot initiative to cap the rate for loans at 36 percent. The story of the ensuing fight illuminates the industry’s tactics, conducting an underhanded campaign to derail the ballot initiative; and a sophisticated and well-funded outreach effort designed to convince African-Americans to support high-cost lending.

The Payday Playbook: How High Cost Lenders Fight to Stay Legal

Paul Kiel Pro Publica
Payday, installment and auto-title lenders have more than 1,400 locations in the state — about one store for every 4,100 Missourians. The average two-week payday loan, which is secured by the borrower’s next paycheck, carries an annual percentage rate of 455% in Missouri, more than 100 points higher than the national average. A coalition of faith groups, community organizations and labor unions decided to put forward the ballot initiative to cap rates at 36%.
Subscribe to payday loans