Critics oppose Indiana senate bill that allow payday lenders to practice loan sharking

Indiana Senate passes a bill that critics consider predatory, and opposed by the advocacy groups and a bipartisan group of state senators. Indiana senators voted 26-23 in favor of the bill. The Senate Bill 613 would allow new loan products especially payday loans which are considered as criminal loansharking under current Indiana state law. The […]

The Trump-powered CFPB rescinds payday lending restrictions

In Feb 2019, the federal consumer finance judge announced another breathtaking decision to relieve payday lenders. They revealed plans to roll back the Consumer Financial Protection Bureau’s 2017 payday lending rule drafted during Obama-era. The rule was disproportionately targeting the low-income borrowers who were offered high-interest loans. That rule was drafted under former CFPB Director […]