PYMNTS
MARCH 11, 2020
Consumer advocates are pushing federal banking regulators to do something about rent-a-banks with notoriously sky-high loan rates that prey on people with bad credit, the Wall Street Journal (WSJ) reported on Wednesday (March 11). ” An uprush in predatory lending has prompted more states to institute interest rate caps. .”
PYMNTS
AUGUST 8, 2019
The New York State Department of Financial Services (NYDFS) has announced it will lead a multi-state investigation into alleged violations of state regulations of the short term lending industry, specifically in the area of payroll advances. Many people living paycheck to paycheck already make more than median income.”.
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American Banker
NOVEMBER 9, 2016
Voters in South Dakota on Tuesday overwhelmingly approved a measure to cap interest rates on payday, installment and auto title loans at 36%, while rejecting a competing amendment sponsored by a large payday lender.
Perficient
JULY 11, 2022
Pay in 4 is not currently available for residents of Missouri, New Mexico, North Dakota, South Dakota, Wisconsin, or any US Territories. Consumer advocate groups and regulators have also brought forth concerns about the ramifications of BNPL existing outside of the normal credit-reporting system.
American Banker
NOVEMBER 4, 2016
Depending on the outcome of the election, the fight over two conflicting state ballot initiatives could provide a road map for the embattled payday lending industry or consumer activists seeking bans in other states.
PYMNTS
SEPTEMBER 17, 2019
While short-term lending in general has a pretty rough reputation, the pawn loan is the most ill-regarded arena in an already unloved category of consumer lending. The loan amount a borrower can get from a pawnbroker is determined solely by the value of the item itself; as in most forms of short-term lending, there is no credit check.
CFPB Monitor
AUGUST 7, 2019
In its press release, the DFS claims that the investigation will look into “allegations of unlawful online lending” and “will help determine whether these payroll advance practices are usurious and harming consumers.” Illinois Department of Financial Professional Regulation. Maryland Office of the Commissioner for Financial Regulation.
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