Group of groups call for regulator attention to payday lenders using automatic check debits.
Research found bipartisan support.
Center for Responsible Lending report alleges excessive multiple charges, re-ordering to maximize fee income.
Center for Responsible Lending testimony says Florida shows particularly sharp growth, calls for protection from Social Security garnishing.
Jerry Reed, chief lending officer from the $5.3 billion Alaska USA FCU, told lawmakers during a June 18 hearing on the Consumer Financial Protection Bureau’s qualified mortgage rule that products and product features were responsible for the mortgage market meltdown, not underwriting standards.
Credit Union Times’ recent report about a letter sent by NCUA Board Chairman Debbie Matz to the National Consumer Law Center and the Center for Responsible Lending led me to question the agency’s priorities. I continue to be puzzled by why the NCUA, and especially Matz, expends so much energy...
Two long-term opponents of payday lending said that nine federal credit unions in five states continue to offer members payday loans with triple-digit interest rates.
The CEO of a federal credit union criticized for making payday loans has strongly defended her institution, arguing the loans help members escape short-term, high-interest debt.
XtraCash says it and its clients exceed bar set by payday lenders and if forced to meet NCUA standards, the credit unions couldn't do it.
Louisiana FCU charges far less than payday lenders, offering escape not predation, CEO Rhonda Hotard says.