Owner: Payday Loan Industry Watch News URL:http://www.pliwatch.org/news.html Join Date: Sat, 08 Dec 2007 18:13:26 -0600 Rating:0 Site Description: A listing of recent news about the payday loan industry compiled by
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Advocacy group wants more limits on payday loan establishments 2006-09-25 08:21:41 Meridian, Mississippi - David B. Miller is a staff attorney with the Mississippi Center for Justice. An Editorial Board guest of The Meridian Star last week, he discussed the group's concerns over payday loan establishments and its upcoming legislative agenda. Read more:wants
Advance America to stop providing payday loans to military personnel 2006-09-25 08:12:17 Spartanburg, South Carolina - AdvanceAmerica
, Cash Advance Centers will, in the company's words, 'respectfully and voluntarily refrain from making any payday advances to active, full-time members of the military effective October 15, 2006 except where strictly prohibited from doing so by applicable law.'
Columnist revisits state's payday loan policy 2006-09-22 11:25:26 Hattiesburg, Mississippi - Throughout the country, payday loans make up the newest and fastest-growing form of short-term lending. There are nearly 1,200 payday lenders in Mississippi. Payday lenders stress they are providing a needed service not available at traditional financial institutions.
The Payday Mayday: Faith communities join to curb predator practices 2006-09-22 11:14:24 Richmond, Virginia - Predatory lending is not new. During biblical times, abusive lending practices were addressed by instituting strict standards, including banning the charge of interest to the poor (Exodus 22:25). Likewise, in the story of Zaccheaus (Luke 19:8-9), Jesus commended him for promising to repay the excessive fees he had exacted from the oppressed. Read more:Payday
, Mayday
, Faith
Lawmakers agree on 36 percent payday loan cap 2006-09-21 10:15:20 Washington, D.C. - Congressional negotiators have decided that protecting military paychecks is more important than jurisdictional squabbles, and have agreed to include a 36 percent cap on loan interest rates and fees in the 2007 defense authorization bill.
Congressman Davis touts his payday loan proposal 2006-09-20 11:22:34 Frankfort, Kentucky - Northern Kentucky Congressman
Geoff Davis
, who has become embroiled in a debate over limiting predatory lending practices, says his proposal goes further than the 'knee-jerk reaction' amendment he opposes.
Cash America clicks with payday loans 2006-09-19 13:15:21 Fort Worth, Texas - With state legislatures and the federal government cracking down on the payday loan industry, such lenders are coming up with new, creative ways to extend their business. Last month, First Cash Financial acquired a chain of used car dealerships. Now Cash America
is extending its reach online by completing the purchase of CashNetUSA, a privately held online payday lender.
Breaking the cycle of the payday loan 'trap' 2006-09-19 11:45:34 Washington, D.C. - Tellers at the North Carolina State Employees' Credit Union noticed a troubling change several years ago: The first people in line on payday were high-cost lenders, waiting to cash checks from credit union members. Read more:Breaking
Cash America completes acquisition of CashNetUSA 2006-09-18 09:05:15 Fort Worth, Texas - Cash America
International, Inc. announced today that it has completed the purchase of substantially all of the assets of CashNetUSA. The acquisition, which was announced in mid-July, establishes a significant internet distribution channel for the Company to provide short-term cash advances to its customers. CashNetUSA has emerged as a leader in the online cash advance business since its entry into the market in early 2004. Today CashNetUSA serves customers in 27 states and will now complement Cash America's 758 lending locations.
Senators consider payday loan limits, criticize industry 2006-09-16 10:02:12 Washington, D.C. - Supporters of the payday lending industry
petitioned members of the Senate on Thursday to block proposed limits on short-term loans to troops, saying the Defense Department is overreacting to the problems of a small number of servicemembers.
Credit unions offer payday loan alternative 2006-09-15 16:52:04 Fayetteville, North Carolina - The federal government is looking at ways to protect soldiers from predatory payday loans that charge high interest rates. North Carolina has already cracked down on lenders, so local credit unions are now offering alternatives.
Loan disagreement 2006-09-14 10:23:45 Scottsboro, Alabama - Alabama State Senator Lowell Barron (D-Fyffe), a former owner or co-owner of at least 20 payday loan businesses across the state, says he will introduce legislation designed to protect consumers and regulate the companies during the next legislative session.
Barron touts reform of payday loan industry 2006-09-14 09:27:15 Huntsville, Alabama - State Sen. Lowell Barron
, once a major owner of payday loan outlets, says he just got out of the business and is now planning legislation to regulate it. Barron, D-Fyffe, outlined his reform plans this week in a meeting with Times editors and reporters. Read more:industry
Keeping poor people in their place 2006-09-13 17:17:43 Cushing, Oklahoma - It is a fact of economic life in the Hobbesian world of capitalism that as the number of people
mired in poverty increases so do the scum that prey upon them. Both those in poverty and their predators have skyrocketed in the Bush years.
Payday lender plan could nix profit from military 2006-09-13 16:52:15 Washington, D.C. - Payday
lenders, facing legislation they say could drive them out of business, offered the Pentagon a plan that would eliminate the profit
they make in the military market but could keep Congress from setting a nationwide cap on loan rates to troops.
Military looks to change laws regarding payday loans 2006-09-12 10:18:12 Portales, New Mexico - Concerns over payday loans have military leaders looking for legal changes in the lending system. Charles Brown, a former airman at Cannon Air Force Base, said he found himself in financial trouble when using payday loans became a vicious cycle in his life. Read more:Military
Governor puts end to payday lending operations in nursing homes 2006-09-12 10:12:15 Springfield, Missouri - Gov. Matt Blunt announced this morning that nursing homes will no longer be allowed to run on-site payday loan operations to lend money to nursing homes' employees. Read more:Governor
Advance America buying back stock 2006-09-12 09:08:10 Spartanburg, South Carolina - AdvanceAmerica
, Cash Advance Centers, prides itself on offering quick cash solutions to borrowers in need. Lately, the Spartanburg-based payday lender also has offered cash to its shareholders: up to 150 million dollars in the form of two stock buybacks.
On payday, many GIs pay back 2006-09-10 04:05:01 Washington, D.C. - Six months ago, John Elliott, a sailor based at Norfolk Naval Station, was having trouble keeping up with his bills, so he went looking for a quick source of cash to tide him over. He took out what's known as a payday loan, borrowing against future paychecks in exchange for money on the spot.
Payday lenders easy to find 2006-09-08 10:15:12 Jackson, Mississippi - Per capita, Mississippi ranks third in the nation in the number of check cashing/cash advance outlets, commonly referred to as payday lenders, according to the Mississippi Center for Justice. Read more:Payday
Legislature should look at payday industry 2006-09-08 10:11:23 Hattiesburg, Mississippi - Drive down any city street and bet on spotting an establishment that repulses somebody. . . . The latest type of business under that kind of microscope is the storefront operation known most commonly as a payday loan store. Read more:industry
Lending the poor a helping hand 2006-09-07 12:15:51 Birmingham, Alabama - A loan is a loan is a loan? Not exactly. There are regular loans governed by Alabama's Small Loan Act, which caps interest rates, depending on the amount borrowed, at either 24 or 36 percent a year. Read more:Lending
Utah lawmakers consider limiting payday loans to military 2006-09-05 14:55:01 Hill Air Force Base, Utah - State lawmakers may be calling for restrictions on loans made to military personnel following a recently released Department of Defense report that calls the payday loan industry harmful to the war on terrorism.
Payday lenders target young military families 2006-09-05 12:31:17 Tucson, Arizona - Passing new laws to rein in payday lenders would not only save many American families from triple-digit interest rates and crushing debts but would also enhance our nation's security. Read more:Payday
, young
Loan shops cash in on the suburbs 2006-09-05 09:05:34 Kansas City, Kansas - Two years ago, you couldn't find a single payday loan company at 95th Street and Antioch Road in central Overland Park. Today there are three, on separate corners. 'Those are the kinds of stores that you see in parts of town you don't want to live in,' said Lori Olson of Overland Park, a suburb recently ranked by Money magazine as the sixth-best place to live. Read more:shops
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