Payday loan companies and their supporters offered stiff, knee-jerk resistance to a moderate slate of regulations proposed Thursday by the Consumer Financial Protection Bureau. The industry has gone unsupervised at the federal level for decades, and undermined state regulations at every turn.
When companies switch from normal paychecks to electronic payroll debit cards, employers save money -- and expose their workers to bank abuses. Federal rules are coming, but some states don't feel like waiting.
Montel Williams has been the face of MoneyMutual since 2009. From now on, his ads for the payday loan facilitator will feature a disclaimer warning New York residents not to bother applying because the loans in question violate state law.
Debt collectors aren’t supposed to be able to use the threat of criminal prosecution to intimidate people into paying up, but new analysis shows that Texas’ payday lenders routinely use courts to put the screws to borrowers.
Military families are supposed to be free from the worst abuses of the lending industry, but a new report shows that loopholes in the law are letting veterans down -- and illustrates how to fix those failures.