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Bank Watch: Bank of America joins NY effort to stop payday lending

Bank of America has become the first financial institution to use a tool developed by a New York regulator to crack down on online payday lending in that state, officials announced Monday.

The tool, created by the New York Department of Financial Services, is a database of companies that have faced actions from the department based on evidence of payday lending, the department said. Payday lending in all forms, including online, is illegal in New York.

The Charlotte-based bank will use the tool to identify and stop online payday lending in New York, in the latest move by officials in that state to do something about short-term lending over the Internet. A press release from the Department of Financial Services says Bank of America will use the database to, among other things, identify companies that might be involved in illegal lending.

Nationwide, the online payday lending industry has been under scrutiny by regulators, who say such lenders are attempting to skirt state bans on payday lending by offering loans over the Internet. As regulators across the country increasingly crack down on payday lenders, big banks that finance those businesses have also come under scrutiny.

“Our administration is continuing to aggressively combat online payday lending, and today we are urging the private sector to join us in protecting New Yorkers from this illegal activity,” New York Governor Andrew Cuomo said in a statement. “I applaud Bank of America for stepping up as an industry leader in this area and doing the right thing to help safeguard New York’s consumers.”

In an email to the Observer, Bank of America spokeswoman Anne Pace said the New York initiative provides the bank with another tool to help protect its customers from predatory lending practices in New York. The bank will use the database to spot and manage potentially problematic activity affecting customers who have deposits in the bank, she said.

Payday loan businesses are banned in North Carolina, but state officials say that hasn’t prevented the products from being offered here.

Late last year, North Carolina Attorney General Roy Cooper filed suit against South Dakota-based payday lender Western Sky. In filing the suit, Cooper said more than 100 complaints had been logged with his office about the company.


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Direct Loans Federal Student Financial Aid These statistics offer a similar experience in many other states. Which means the borrower will pay $400 – $500 in loan fees on a $400 loan. This is absurd usury and really should be illegal since it is not helping anyone except the lender. It is predatory lending at best that just gets borrowers in deeper debt than before.”Some will say, that little man has to have somewhere ,” said state Rep. Eldridge Emory, “Butif he gets money by doing this, he’s just digging a hole deeper and deeper, and he’s not going to get out.”Several states like North Carolina have currently banned this form of predatory lending.

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Cash America To Acquire 34 Pawn Lending Locations In Georgia And North Carolina

By RTT News, August 28, 2013, 07:10:00 AM EDT

( – Cash America International, Inc. ( CSH ) announced today that it has signed an asset purchase agreement for the acquisition of substantially all of the assets of a chain of 34 pawn lending locations. Upon completion, the transaction would add 31 pawn lending locations in Georgia and 3 locations in North Carolina, which would expand Cash America’s presence in both markets. Currently, the stores are owned by PawnMart, Inc. and operate chiefly under the PawnMart brand in both markets.

The 31 stores in Georgia operate mainly in and around Atlanta where Cash America currently operates 17 pawn lending locations, which would give the company 48 locations in this significant metropolitan area after the transaction closure. Further, the firm would add 3 stores in Charlotte, North Carolina to its existing group of 16 pawn lending locations in North Carolina. The 34 pawn lending locations had about $10.7 million in pawn loan balances as of December 31, 2012.

Cash America expects the aggregate purchase price of the PawnMart locations to be nearly $62 million, which would be paid in cash and funded by available cash and through the company’s line of credit. The acquisition, which may close in the fourth quarter of 2013, is expected to be accretive to earnings immediately following its closing.

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.biz – Survey highlights opposition to payday loans | newsobserver …

The N.C. Justice Center is touting a new poll in which nearly three-fourths of state residents surveyed said they would be less likely to vote for a legislator who supports a new bill that would legalize payday loans in North Carolina.

“It shows the people of North Carolina recognize how (harmful) payday lending is, and it shows they don’t want payday lending in North Carolina,” said Al Ripley, director of consumer and housing affairs for the public advocacy group.

The poll of 600 residents was conducted Feb. 7 through 10 by Public Policy Polling. The margin of error is plus or minus 4 percent.

The survey asked “if your state legislator supported a law to legalize payday lending by increasing maximum interest rates to over 300 percent, would that make you more likely or less likely to vote for that legislator, or would it not make a difference?”

Seventy-two percent reported they would be less likely to vote for that legislator.

Jamie Fulmer — a spokesman for leading payday lender Advance America who also speaks on behalf of an industry trade group, the Community Financial Services Association — dismissed the poll results as a red herring.

“The ‘poll,’ released by our opposition today, is nothing more than a shallow attempt to make news,” Fulmer said in a statement. “We all know that customers want to pay less for any product, whether it’s gas at the pump, milk at the store or short-term credit.”

“The real question we should be asking,” Fulmer continued, “is what millions of consumers think about the cost of a regulated payday loan versus the cost of other options in a competitive marketplace.”

Senate Bill 89 calls for bringing back payday loans, which were outlawed in North Carolina more than a decade ago. It has the backing of Senate Rules Committee chairman Tom Apodaca and the industry, which has retained some heavyweight lobbyists to make its case.


The Daily Tar Heel :: Payday loan system revisited by legislators

Members of the N.C. General Assembly are proposing to revive a controversial lending practice that has virtually lain dormant for more than a decade.

Advocates of the practice — known as payday lending — say the ability to obtain quick loans, with new consumer protections, would aid low-income residents during a slow economic recovery.

But opponents of the measure counter that the loans could trap residents in a cycle of debt — the same reason the practice was previously banned.

Payday lending allows people with a job and checking account to pay immediate expenses by taking out small, short-term loans before their next paycheck. The legislature banned it in 2001.

“The demand (for the loans) has never gone away in North Carolina,” said Jamie Fulmer, regional spokesman for Advance America, a national payday lending firm.

Sen. Jerry Tillman, R-Randolph, introduced Senate Bill 89 last week, which would enable residents to borrow up to $500 and cap the interest rate at 15 percent on every $100 borrowed.

North Carolina is one of 12 states that prohibits the practice.

Fulmer said the bill would provide a simple, transparent and cost-efficient credit option for N.C. residents.

“(People) get to a point in time where they have more month left than money,” he said. “They’ll be able to use this loan to bridge that gap.”

Before the practice was banned, some borrowers had taken out new loans to pay off old ones and paid high interest fees on all of them, said Pat McCoy, executive director of Action N.C., a community advocacy group that opposes the bill.

But specific consumer protections, such as preventing people from continuously rolling over loans to postpone repayment, are important aspects of the new bill, Fulmer said. In 1999, about $80 million in renewal fees was charged by lenders.

“This option will be safe and regulated while meeting customers’ needs,” he said.

After graduation, students could take out payday loans to help pay off college debts, Fulmer said. But he said payday lending might not be the best option to deal with student loans.

UNC sophomore KJ Moon, a biology and economics major, said he understands why people would turn to payday loans for a quick financial fix.

But he said he would never take out a payday loan to pay a bill — and would opt instead to put the bill on a credit card or borrow money from family or friends.

“I think they should be avoided,” he said. “It’s a very devious way to keep the poor poor.”

Al Ripley, director of the consumer and housing project at the N.C. Justice Center, said payday lending would disproportionately harm poor and elderly residents.

He also said he’s concerned about the influence of almost a dozen lobbyists working for the lending industry.

“It tends to result in legislation being adopted that’s not in the best interests of the state,” he said.
Support from lobbyists and the N.C. Senate bodes well for the return of payday loans, said Kevin Rogers, Action N.C.’s policy and public affairs director.

The bill could come to the Senate floor for a vote early next week, Rogers said. The bill is currently in the Senate’s commerce committee.

Still, McCoy said he is optimistic about the possibility of maintaining North Carolina’s ban on payday lending.

“A lot of people feel like this is something we might be able to beat back,” he said.

“This state has been a leader in (banning the practice), and going backwards doesn’t make sense.”

Contact the desk editor at


Bill would make Payday Loans legal | – Greensboro …

Posted on: 6:57 pm, February 19, 2013, by , updated on: 06:59pm, February 19, 2013

GREENSBORO, N.C.–Payday loans were outlawed in North Carolina over a decade ago, but soon they could making their way back to check cashing stores.

Senate Bill 89 would amend the Check Cashing Licensing Act to allow check cashers and lenders the ability to pay out cash loans of up to $500, for a fee of 15 percent of the cash advance. People would also have to pay off the loans before taking out another one.

Payday loans are typically cash advances people use in between their paychecks to pay for things, like car repairs and bills.

Sen. Jerry Tillman (R-Archdale), who is behind the bill, says he filed it after several people told him they needed a loan, and had no other alternative.

However, Attorney General Roy Cooper says these loans are a trap and that lenders sometimes loan money with an interest rate of over 300 percent.

“Payday lending is like needing a life preserver and being thrown an anvil,” Cooper said.

Cooper says that if you find yourself in a financial bind, there are lenders who make small loans with a capped interest rate, and you can always turn to your family and friends.

The bill would not allow payday loans to those in the military or their spouses. A law was passed in 2007 to protect them from Payday lending.

If approved, the bill could go into effect as early as July 1.


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Bank agrees to stop making payday loans in North Carolina (CL&P …

Alabama-based bank Regions Financial Corp. has agreed to stop offering payday loans in North Carolina. Although North Carolina has banned payday loan shops or Internet services, federal law allows a bank to make those loans if allowed in the bank’s home state. This

article from the Charlotte Post

has the details.

Payday loans are made at very high interest rates for very short terms. The Center for Responsible Lending defines payday loans this way: “Banks make payday loans by depositing money into a customer’s checking account. The bank then automatically repays itself in full by deducting the loan amount, plus fees, from the account when the customer’s next direct deposit paycheck or other benefits income comes into the account. The average annual percentage rate (APR) based on a typical loan term of 10 days is 365% APR.” More information on payday loans, including how they can be harmful to consumers. is available on the Center’s website.