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The Latest : Financial Reform & Predatory Lending Reform

Msgr. Egan Campaign for Payday Loan Reform Submits Comments to CFPB Rule

Date: 
10/11/2016

For immediate release

Contacts: Brent Adams 773-844-5544, Lynda DeLaforgue 773-251-0328

October 7, 2016

State Payday Loan Reform Coalition Weighs In on Proposed Payday Rule

As Time to Comment Closes, Group Offers Comments, Tales from the Trenches

STATEMENT BY WILLIAM MCNARY ON NEW RULES TO CURB PREDATORY SHORT TERM LOANS

Date: 
06/02/2016

(CHICAGO) “Earlier today, the Consumer Financial Protection Bureau (CFPB) promulgated rules to regulate the predatory payday loan practices we have witnessed and fought against in Illinois for 17 years since Msgr. Egan brought us together as the Campaign for Payday Loan Reform in 1999. This announcement is a victory for us and everyone who has been organizing for it since that day” said McNary in a phone call open to press.

 

Citizen Action/Illinois Statement on Protections from Predatory Loans for Servicemembers

Date: 
08/05/2015

In response to new rules implemented by the Department of Defense, Citizen Action/Illinois released the following statement:

FOR IMMEDIATE RELEASE

August 4th, 2015

Statement by Lynda DeLaforgue, Co-Director, on Department of Defense rule updating Military Lending Act of 2006

New protections will stop lenders from exploiting loopholes to target servicemembers

With high-cost loans and abusive collection tactics

 

CFPB Puts Forth Historic Proposal to End the Payday Debt Trap

Date: 
03/26/2015

 (CHICAGO, ILLINOIS) _ Earlier today the Consumer Financial Protection Bureau (CFPB) released a working draft of a proposal to rein in abusive low-dollar lending schemes such as payday, auto title and installment lending. The draft, presented at a field hearing in Richmond, VA, would require lenders to verify before making a loan that borrowers can pay it back on time, without re-borrowing, and still cover their basic necessities like rent, food and utilities.

Time to Honor Veterans, By Reining in Payday Lenders

Date: 
11/10/2014

For immediate release

Time to Honor Veterans, By Reining in Payday Lenders

Help Us Fight for National Payday Loan Protections

Date: 
09/16/2014

Help Us Fight for National Payday Loan Protections


This year, the Consumer Financial Protection Bureau (CFPB) is preparing to issue new rules for payday lenders.  This historic and unprecedented opportunity will enable a federal agency to finally curb the payday loan debt trap nationwide, much like we have already done here in Illinois.   We expect Payday lenders to mount a significant campaign to stop these efforts.  

Have a complaint about a loan or financial product? Reach out to the CFPB.

Date: 
06/12/2013

How to File

You can submit a complaint online or call a toll-free number, 855-411-CFPB (2372). Complaints can be made in English or Spanish, with access to 187 other languages on request.

Consumer Financial Protection Complaint Data Now Searchable State

Date: 
05/31/2013

From the CFPB:

FOR IMMEDIATE RELEASE:      May 31, 2013

CONSUMER FINANCIAL PROTECTION BUREAU COMPLAINT DATA NOW SEARCHABLE BY STATE 

Credit Reporting and Money Transfer Complaints Also Added to the Database

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) expanded its Consumer Complaint Database to include state-by-state information. The CFPB also added complaints about money transfers and credit reporting to the database.

Consumer Financial Protection Bureau Releases Comprehensive Study of Payday Industry

Date: 
04/24/2013

 The Consumer Financial Protection Bureau (CFPB) issued a report on payday and deposit advance loans finding that for many consumers these products lead to a cycle of indebtedness. Loose lending standards, high costs, and risky loan structures may contribute to the sustained use of these products which can trap borrowers in debt.