A $2500 Payday Loan Turned into $50,000 in Fees

One man in Kansas City borrowed $2500 in payday loans when his wife fell ill and ended up paying $50,000 in fees and interest over a five-year period. Here’s more on his story: Clark took out five separate loans of $500 from payday loan companies in Kansas City. Each of those had $95 bi-weekly interest […]

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Citizen Action Joins Groups Opposing HR 5112

Tennessee Citizen Action has joined a group of 43 National and State Organizations opposing H.R. 5112, legislation that would hinder the Consumer Financial Protection Bureau’s (CFPB) ability to rein-in abusive practices. Here’s the full text of the letter sent to Congress today: The undersigned organizations urge you to oppose H.R. 5112 or any similar bills that […]

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Tennessee Families Lose $226 Million a Year to Car Title Lenders

The Consumer Financial Protection Bureau’s latest report underscores the need for a strong, national rule that reins in the worst abuses of payday and car title lending, said Andy Spears, executive director of Tennessee Citizen Action. The CFPB’s report released today found car title loans, on average, carry a 300% annual percentage rate.  The report […]

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Payday Lending Costs TN Families $400 Million a Year

A recently-released study from the Center for Responsible Lending reveals that Payday and Car Title Loan Sharks are sucking more than $400 million out of the pockets of Tennessee families each year. Tennessee ranks 7th in the nation in the amount of money extracted from its families by these predators. Tennessee’s maximum interest rate for […]

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Ethics and Transparency? Not So Much

Joel Ebert at the Tennessean has a story out about the Tennessee General Assembly’s Ethics Committees and their tendency to not meet at all. So, while bad behavior persists among legislators, the groups tasked with reining it in simply don’t. As Ebert notes: The Tennessee House ethics committee hasn’t met in at least six years. […]

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Rep. Waters Statement on Google’s Payday Lending Ad Ban

May 11, 2016 by  
Filed under Issues, Payday Lending, Recent Blog Posts

In a strong show of support for Google’s decision to ban ads from payday lenders, Rep. Maxine Waters issued the following statement: Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on an announcement from Google that it will ban ads for short-term loans with high interest […]

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