“This Can’t Be Legal”

NPR is out with a report on the debt trap caused by payday lending loan sharks: A few years ago, a man came to pastor Wes Helm at Springcreek Church in Garland, Texas, and opened up about his financial troubles. Helm looked through the man’s budget and noticed one major monthly expense: a payday loan […]

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Taking on Payday Predators

It’s a fight we can win. The fight to rein-in legalized loan sharks and stop the cycle of debt so often associated with payday and car title loans. Newschannel5 reports on our efforts to advocate for a strong rule from the CFPB on payday and car title loans:   For more on payday lending and stopping […]

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Stopping the Debt Trap

June 14, 2016 by  
Filed under Issues, Recent Blog Posts

Tennessee Citizen Action joined with consumer advocacy groups across the nation to push the Consumer Financial Protection Bureau to adopt a strong rule to rein-in payday and car title lenders. That action is drawing attention. A recent story in American Banker notes: “The very nature of this business depends on people borrowing and then re-borrowing […]

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A Fight We Can Win

June 3, 2016 by  
Filed under Issues, Payday Lending, Recent Blog Posts

Yesterday, the Consumer Financial Protection Bureau released a proposed rule designed to rein-in payday and car title loan sharks. We are pleased with this first step toward providing relief from the cycle of debt so many borrowers find themselves in after being preyed upon by payday predators. As the rule was being released, we released a report on […]

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TNCA Demands Action on Payday Lending

CITIZEN ACTION WELCOMES CFPB SMALL DOLLAR LENDING RULE Releases report about payday predators in Tennessee   (Nashville, TN) – Today, the Consumer Finance Protection Bureau releases their long-awaited proposed rule on small-dollar lending and officially opens the period for public comment. Tennessee Citizen Action (TNCA), together with other members of U.S. Action across the country, […]

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TNCA to Release Payday Lending Report, Demand Action

Tennessee Citizen Action will hold a press conference on Thursday June 2nd at 1:15 PM to demand a strong rule on payday and car title lending from the Consumer Financial Protection Bureau (CFPB) and release a report on the impact of payday lending on Tennessee families.               WHO:              Tennessee Citizen Action and partners   […]

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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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