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Payday Lending: In the News

Items 1 - 10 of 14  12Next

The Future of Wall Street Regulation Is in Andrew Cuomo's Hands (New Republic)

New York Governor Andrew Cuomo must soon appoint a replacement superintendent for the state Department of Financial Services (DFS), an obscure regulatory position that the current head, Benjamin Lawsky, elevated into a major national player over the past four years. Read More

How Credit-Card Debt Can Help the Poor (The New York Times)

Last October, Jeffrey Shavers, a hotel maintenance worker in Chicago, took out an extremely unusual $300 loan. Read More

Cracking Down on Predatory Payday Lenders (The New York Times)

The predatory industry known as payday lending is finally feeling the bite of state authorities alarmed that low-income borrowers are being gouged into long-term debt running at impossible interest rates of 500 percent and more. Read More

New York Tells Online Lenders to Abide by State’s Interest Rate Cap (The New York Times)

Government authorities are homing in on a lucrative loophole that allows online lenders to offer short-term loans at interest rates that often exceed 500 percent annually, the latest front in a crackdown on the payday lending industry. Read More

No loan sharks welcome (Times Union)

The Cuomo administration kills a bill that would have legalized payday loans. Let’s hope the check-cashing industry gets the message. Read More

Assemblyman's payday loan bill would mean business as usury for the poor (NY Daily News)

Carl Heastie, assemblyman and Bronx Democratic boss, should be ashamed. He’s chief sponsor of a horrendous piece of legislation that would let low-income New Yorkers, including his Wakefield constituents, be victimized by interest rates of up to 200%. Read More

High-Interest Loan Bid Opposed By Cuomo Administration (NY Daily News)

The Cuomo administration has effectively killed a legislative bid by check cashing entities to charge up to 200% interest and fees on short-term loans. Read More

Cuomo's stance helps kill loan bill (Times Union)

The Cuomo administration on Monday took the unusual step of coming out against a bill before it had even moved out of committee — in the process killing an effort to legalize what critics say would be legalized usury. Read More

Gouging the Poor in New York (The New York Times)

Gov. Andrew Cuomo of New York has warned debt collectors that they could face legal sanctions if they try to collect predatory loans that violate the state’s usury law, which prohibits loans with interest rates above 25 percent. The governor needs to take an equally forceful stand against pending bills that would encourage predatory lending by allowing check-cashing stores to enter the lending business and exempting them from the usury law. Read More

Governor Cuomo Announces Department of Financial Services Notifies Debt Collectors Not to Seek Collection on Illegal Payday Loans (NYS Governor Andrew Cuomo)

Governor Andrew M. Cuomo today announced that the New York State Department of Financial Services has sent letters to all debt collectors in New York stating that it is illegal to attempt to collect a debt on a payday loan since such loans are illegal in New York. Read More