Introducing The Loan Shark Ledger
Legalized loan sharks in Tennessee can charge up to 375% for a payday loan. And the lobbyists for these predators are fighting to keep it that way.
But, Tennessee Citizen Action is fighting back.
We’re introducing The Loan Shark Ledger.
It’s a weekly email newsletter aimed at keeping the loan sharks in check. We’ll give you news about efforts to rein-in loan sharks in Tennessee and around the country. And, we’ll let you know what you can do to keep the sharks from claiming prey in Tennessee waters.
Here’s this week’s batch of stories:
House Armed Services Committee Clears the Way for New Military Financial Protections
Rep. Tammy Duckworth of Illinois rallied a bi-partisan group of House Armed Services Committee members to defeat an effort by predatory lenders to delay the implementation of new DoD-backed financial protections for servicemembers. The new Department of Defense (DoD) rules will expand the coverage of the Military Lending Act and protect servicemembers from 400 percent payday loans and other high-cost credit.
CFPB Must Prioritize People Over Payday Lenders
Dennis Shaul’s recent op-ed in American Banker argues that the Consumer Financial Protection Bureau’s proposed payday lending rules are too harsh. He also insists that the voices of payday lenders have been underrepresented in discussions about forthcoming regulations. Both assertions are inaccurate and off the mark.
The CFPB’s proposed outline for small-dollar lending rules is not perfect. There are too many loopholes that might allow payday lenders to get around the ability-to-pay standard and not enough protections against abusive and deceptive lending practices.
If you find a story on payday lending you’d like us to share, send it to firstname.lastname@example.org
And remember, we count on your support to win the fight against payday lending loan sharks in Tennessee. Your contribution of $5 or $10 today will help keep the Loan Shark Ledger coming and keep the fight against legalized loan sharking alive.
Keep up with payday lending and other important consumer rights issues by following us @TNCitizenAction