Payday loans have long been marketed as a quick and easy way for people to access cash between paychecks. Today, there are about 23,000 payday lenders—twice the number of McDonald’s restaurants in the United States—across the country. While payday lenders target many different Americans, they tend to go after traditionally vulnerable populations. People without a college degree, renters, African Americans, individuals earning less than $40,000 a year, and people who are separated or divorced are the most likely to have a payday loan. And increasingly, many of these payday loan borrowers are young people.
Showing posts with label payday lending. Show all posts
Showing posts with label payday lending. Show all posts
Thursday, January 2, 2020
Saturday, October 20, 2018
How banks slid into the payday lending business
Meet the new payday loan. It looks a lot like the old payday loan.
Under the Obama administration, the Consumer Financial Protection Bureau attempted to rein in abusive payday lending, by, among other measures, forcing lenders to ensure borrowers had the means to pay back their loans. The Trump administration, under interim CFPB Director Mick Mulvaney, is looking to roll back those rules and give payday lenders, who as an industry donated significant amounts of money to Mulvaney when he was a congressman, more room to operate. A high-profile rule proffered by the CFPB to govern payday loans is under review, and Mulvaney’s CFPB has also dropped cases the bureau had previously pursued against payday lenders.
Under the Obama administration, the Consumer Financial Protection Bureau attempted to rein in abusive payday lending, by, among other measures, forcing lenders to ensure borrowers had the means to pay back their loans. The Trump administration, under interim CFPB Director Mick Mulvaney, is looking to roll back those rules and give payday lenders, who as an industry donated significant amounts of money to Mulvaney when he was a congressman, more room to operate. A high-profile rule proffered by the CFPB to govern payday loans is under review, and Mulvaney’s CFPB has also dropped cases the bureau had previously pursued against payday lenders.
Monday, March 19, 2018
Taylor’s Top Four: Alabama Legislative Session review for week 10
The session looks to be winding down, but we aren’t going anywhere! Here’s your recap of week 10 in the Alabama Legislature.
If you want to receive daily news from across the state and nation straight to your inbox each morning, click here to subscribe to the Alabama Policy Institute’s Daily Clips.
1. General Fund budget has almost cleared its last hurdle
On Tuesday, the house passed the 2019 General Fund budget, which passed the Senate in February. The Montgomery Advertiser reported that it was the fastest the budget has passed in years: “‘The Clerk of the House, who’s been here 30 years, said that’s the fastest he’s seen it,’ said House Ways and Means General Fund chair Steve Clouse, R-Ozark. ‘It’s my 24th year, and I know that was the fastest.'” There are a few things in this budget that have been widely talked about this year: a pay raise for state employees, a bonus for state retirees, a funding increase for the Department of Corrections, and another increase for Medicaid.
If you want to receive daily news from across the state and nation straight to your inbox each morning, click here to subscribe to the Alabama Policy Institute’s Daily Clips.
1. General Fund budget has almost cleared its last hurdle
On Tuesday, the house passed the 2019 General Fund budget, which passed the Senate in February. The Montgomery Advertiser reported that it was the fastest the budget has passed in years: “‘The Clerk of the House, who’s been here 30 years, said that’s the fastest he’s seen it,’ said House Ways and Means General Fund chair Steve Clouse, R-Ozark. ‘It’s my 24th year, and I know that was the fastest.'” There are a few things in this budget that have been widely talked about this year: a pay raise for state employees, a bonus for state retirees, a funding increase for the Department of Corrections, and another increase for Medicaid.
Saturday, March 10, 2018
Taylor’s Top 5: Legislative Session Review for Week 9
We are back with your recap of another week in Montgomery! What happened last week in the Alabama Legislature and beyond? Read below to find out!
If you want to receive daily news from across the state and nation straight to your inbox each morning, click here to subscribe to the Alabama Policy Institute’s Daily Clips.
1. Tax cuts might soon be in store for some Alabama families.
On Thursday, the Alabama House of Representatives passed a modest tax break bill that increases the standard deduction for an estimated 180,000 lower-income Alabamians by a vote of 89-0. Residents who file Married Filing Joint, Head of Family, or Single and make between $20,500 and $32,999 could see a decrease in taxes if they typically accept the standard deduction and do not itemize. Those who file as Married Filing Separate must make between $10,250 and $15,249 to qualify. The bill passed the senate without opposition in January and now heads to Gov. Kay Ivey’s desk.
If you want to receive daily news from across the state and nation straight to your inbox each morning, click here to subscribe to the Alabama Policy Institute’s Daily Clips.
1. Tax cuts might soon be in store for some Alabama families.
On Thursday, the Alabama House of Representatives passed a modest tax break bill that increases the standard deduction for an estimated 180,000 lower-income Alabamians by a vote of 89-0. Residents who file Married Filing Joint, Head of Family, or Single and make between $20,500 and $32,999 could see a decrease in taxes if they typically accept the standard deduction and do not itemize. Those who file as Married Filing Separate must make between $10,250 and $15,249 to qualify. The bill passed the senate without opposition in January and now heads to Gov. Kay Ivey’s desk.
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