Categories

A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

Durbin, Senators Push CFPB To Crack Down On Predatory Payday …

[WASHINGTON] – In a letter sent to the Director of the Consumer Financial Protection Bureau (CFPB) today, Senators Dick Durbin (D-IL), Jeff Merkley (D-OR), Tom Harkin (D-IA), Tom Udall (D-NM), Richard Blumenthal (D-CT), and Elizabeth Warren (D-MA) pushed the bureau to take new action to protect consumers from predatory storefront and online payday loans. The letter arrives as the CFPB prepares rules for the small dollar lending market.

Each day, a large number of hardworking families fall prey to the deceptive practices of payday lenders. Just 14 percent of these borrowers are ultimately able to repay their payday loans. Recent CFPB data shows over 80 percent of payday loans are rolled over or renewed within 14 days. Online payday lending is a rapidly growing business, now accounting for 40 percent of all payday loans.

“Sadly, the evidence shows that these loans trap consumers in a cycle of debt in which consumers end up owing more than the initial loan amount, an appalling practice that exploits the financial hardship of hard working families and exhibits a deeply flawed business model that does not consider borrowers’ ability to repay the loan,” the Senators wrote in the letter to CFPB Director Richard Cordray. “The CFPB was established precisely to crack down on these types of predatory practices and to provide strong consumer financial protections our families need and deserve. We urge you to swiftly take action.”

The Senators encouraged the CFPB to consider successful examples of tough regulation in states such as Oregon, which in 2007 implemented a range of important consumer protections, including minimum loan terms, fee and renewal limitations, and a waiting period between loans with broad coverage for all types of small dollar lending. The Senators also suggested the CFPB adopt the proposals in the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act (S.172) that particularly target the abuses in online lending.

Key measures that the Senators urged the CFPB to implement via regulation include: limits on so-called “lead generators,” who collect and auction payday loan applications off to the highest bidder; additional enforcement against anonymous online lenders who avoid enforcement by hiding overseas or through other hard-to-reach structures; and ending the practice of remotely-created checks and electronic fund transfers that deduct money from a consumer’s bank account without permission. The Senators also noted the importance of covering a large range of manipulative loans, including auto title loans, as well as the urgency of this issue and its importance to protect working families struggling to avoid financial hardship.

In January 2013, Sen. Durbin, Sen. Merkley, Sen. Tom Udall, and Sen. Blumenthal introduced the SAFE Lending Act. Among other protective measures, this legislation would put control of consumers’ bank accounts back into consumers’ hands, crack down on lead generators, and stop offshore payday lending. The legislation is co-sponsored by Sen. Harkin and Sen. Warren.

The full text of the letter is below:

Hon. Richard Cordray

Director

Consumer Financial Protection Bureau

1700 G Street NW

Washington, DC 20552

Dear Director Cordray:

Thank you for your attention to the issue of payday lending. We have been pleased with the efforts of the Consumer Financial Protection Bureau (CFPB) to examine the small-dollar lending market since some of us first contacted the CFPB regarding this issue. As CFPB prepares rules governing the small dollar lending market, we urge you to move forward with reforms that ensure consumers can repay any borrowing they make and also to include critical consumer protections for the online lending market.

Payday loans that hurt rather than help consumers struggling to pay their bills are predatory and deceptive. Recent CFPB findings show that over 80 percent of payday loans are rolled over or renewed within 14 days, and a separate survey shows that only 14 percent of payday borrowers are able to repay the average payday loan. These results clearly indicate that these products are not designed to provide emergency financial relief to consumers.[1] Sadly, the evidence shows that these loans trap consumers in a cycle of debt in which consumers end up owing more than the initial loan amount, an appalling practice that exploits the financial hardship of hard working families and exhibits a deeply flawed business model that does not consider borrowers’ ability to repay the loan. The CFPB was established precisely to crack down on these types of predatory practices and to provide strong consumer financial protections our families need and deserve. We urge you to swiftly take action.

We also encourage you to learn from the experience of the jurisdictions that have already established important consumer protections for their small-dollar lending markets. For example, Oregon law includes a minimum loan term, fee and renewal limitations, and a waiting period between loans. One analysis of the impact of Oregon’s full set of reforms showed a $165 million reduction in loan fees in the first four years of implementation.[2] Although your authorities may differ from that of the states, one especially critical lesson is that laws should apply not only to payday loans but also to auto title loans and other consumer loans. This broad scope of coverage has been essential to ensuring that regulating predatory payday lending does not create opportunities for similarly harmful products disguised in different formats. We urge the CFPB to follow a similarly broad approach for any rules it crafts in the small dollar lending market.

While predatory lending has been significantly curtailed in places that have cracked down on small dollar loans, it has not entirely gone away, in part due to the growth of online payday lending. The Wall Street Journal has reported that online payday lending grew to $18.6 billion in 2012, 10 percent more than in 2011, and that online payday lending now accounts for around 40 percent of all payday loans.[3] Moreover, online payday lending is just as predatory as its storefront cousin. A survey of 20 online payday lender websites found that a typical two-week $500 loan comes with an average cost of $125 or 652 percent APR.[4] Furthermore, online lenders may be actively creating practical obstacles to law enforcement. Unscrupulous online lenders are also able to exploit loopholes in the payment system to force repayment of loans even when a borrower tries to stop the payment or even close the bank account. Other complexities include the dominant use of lead generators, who solicit and auction online payday applications to the highest bidder. These practices create consumer confusion, aggravate opportunities for fraud, and undermine law enforcement against illegal online lending.

In constructing proposed rules for the small dollar lending market, we encourage you to address the challenge of online payday lending and to support the efforts of states and tribes that have acted to protect consumers. The proposals set forth in the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act (S.172) are designed to do precisely that, and we urge you to consider them closely. They would give CFPB support to states and tribes that are seeking to enforce their own laws, particularly against those entities that may be difficult for states or tribes to reach. They also would include limits on online lead generators and additional protections for consumers from abusive withdrawals of funds. We believe that many of these proposals can be implemented through CFPB regulation. Moreover, it is also critical here to take a holistic approach to the small-dollar lending market and ensure that rules are not too narrowly constructed so as to push deceptive or abusive practices from one form into another. Consultation with key stakeholders, including tribes, is also imperative.

Predatory payday lending has taken advantage of the fragile financial position of far too many hard working families. We encourage the CFPB to move as quickly as possible to propose rules that put a stop to predatory small-dollar lending practices, while preserving safer, more affordable alternatives

Sincerely,

[…]

Idaho payday lenders lead nation in highest loan interest | Local …

SALT LAKE CITY (AP) – Idaho, Nevada and Utah have among the nation’s highest interest rates for payday loans, according to a report.

The study, released this week by the Pew Charitable Trusts, found their rates are so high mainly because they’re among only seven states that impose no legal limits on them.

Idaho payday lenders charge an average 582 percent annual interest on their loans to lead the nation, The Salt Lake Tribune reported.

That’s followed by South Dakota and Wisconsin, both 574 percent; Nevada, 521 percent; Delaware, 517 percent; and Utah, 474 percent.

Among states with storefront payday lenders, the lowest average interest charged is Colorado at 129 percent, which matches its legal limit. The next lowest are Oregon at 156 percent and Maine at 217 percent.

Fifteen states either ban payday loans or cap interest rates at 36 percent. None of them has any storefront lenders.

Without a limit on interest rates, competition among lenders does not tend to lower rates much, according to the research.

Representatives of the Alexandria, Va.,-based Community Financial Services Association of America did not immediately respond to requests for comment Sunday.

The study also found the nation’s four largest payday loan companies charge similar rates to each other within any given state, usually at the maximum allowed by law. States with higher limits have more stores, but the rates remain higher and competition does not lower them much.

“This new research shows that payday loan markets are not competitive,” Nick Bourke, project director for Pew, told The Tribune

The study urges states to limit payments to “an affordable percentage of a borrower’s periodic income,” saying monthly payments above 5 percent of gross monthly income are unaffordable.

On average, a payday loan takes 36 percent of a person’s pre-tax paycheck, Bourke said.

“Customers simply cannot afford to pay that back and still afford their other financial obligations,” he said. “This is why you see people ending up borrowing the loans over and over again.”

___

Information from: The Salt Lake Tribune

[…]

Idaho payday loan interest rates highest in the nation – Eye On Boise …

Idaho’s payday lenders charge the highest interest rate in the nation – an average 582 percent, according to a study from the Pew Charitable Trusts. The trusts found that Idaho, Nevada and Utah had the nation’s highest interest rates for payday loans; the three states are among seven that put no limits on those rates. Click below for a full report from the Salt Lake Tribune via the Associated Press; the Tribune reported that 15 states either ban payday loans or cap interest rates at 36 percent. The news comes after a payday loan reform bill that contains no caps on interest rates passed the Idaho Legislature this year amid much controversy; opponents said the bill, backed by major payday lenders, didn’t go far enough to reform the business in Idaho. SB 1314, which passed the House by just one vote, was signed into law by Gov. Butch Otter on March 26.

The new law, which takes effect July 1, limits borrowers taking out payday loans to an amount not to exceed 25 percent of their gross income, with the borrower to provide the proof of that; and requires lenders to offer borrowers who can’t repay their loans on time a once-a-year option for an extended payment plan without additional fees.

ID, NV, UT have among highest payday loan rates

SALT LAKE CITY (AP) — Idaho, Nevada and Utah have among the nation’s highest interest rates for payday loans, according to a report.

The study, released this week by the Pew Charitable Trusts, found their rates are so high mainly because they’re among only seven states that impose no legal limits on them.

Idaho payday lenders charge an average 582 percent annual interest on their loans to lead the nation, The Salt Lake Tribune reported (http://bit.ly/1fcSc3d ).

That’s followed by South Dakota and Wisconsin, both 574 percent; Nevada, 521 percent; Delaware, 517 percent; and Utah, 474 percent.

Among states with storefront payday lenders, the lowest average interest charged is Colorado at 129 percent, which matches its legal limit. The next lowest are Oregon at 156 percent and Maine at 217 percent.

Fifteen states either ban payday loans or cap interest rates at 36 percent. None of them has any storefront lenders.

Without a limit on interest rates, competition among lenders does not tend to lower rates much, according to the research.

Representatives of the Alexandria, Va.,-based Community Financial Services Association of America did not immediately respond to requests for comment Sunday.

The study also found the nation’s four largest payday loan companies charge similar rates to each other within any given state, usually at the maximum allowed by law. States with higher limits have more stores, but the rates remain higher and competition does not lower them much.

“This new research shows that payday loan markets are not competitive,” Nick Bourke, project director for Pew, told The Tribune.The study urges states to limit payments to “an affordable percentage of a borrower’s periodic income,” saying monthly payments above 5 percent of gross monthly income are unaffordable.

On average, a payday loan takes 36 percent of a person’s pre-tax paycheck, Bourke said.

“Customers simply cannot afford to pay that back and still afford their other financial obligations,” he said. “This is why you see people ending up borrowing the loans over and over again.”

___

Information from: The Salt Lake Tribune, http://www.sltrib.com

Copyright 2014 The Associated Press

[…]

Utah has among highest payday loan rates – Standard-Examiner

SALT LAKE CITY — Idaho, Nevada and Utah have among the nation’s highest interest rates for payday loans, according to a report.

The study, released this week by the Pew Charitable Trusts, found their rates are so high mainly because they’re among only seven states that impose no legal limits on them.

Idaho payday lenders charge an average 582 percent annual interest on their loans to lead the nation, The Salt Lake Tribune reported (http://bit.ly/1fcSc3d ).

That’s followed by South Dakota and Wisconsin, both 574 percent; Nevada, 521 percent; Delaware, 517 percent; and Utah, 474 percent.

Among states with storefront payday lenders, the lowest average interest charged is Colorado at 129 percent, which matches its legal limit. The next lowest are Oregon at 156 percent and Maine at 217 percent.

Fifteen states either ban payday loans or cap interest rates at 36 percent. None of them has any storefront lenders.

Without a limit on interest rates, competition among lenders does not tend to lower rates much, according to the research.

Representatives of the Alexandria, Va.,-based Community Financial Services Association of America did not immediately respond to requests for comment Sunday.

The study also found the nation’s four largest payday loan companies charge similar rates to each other within any given state, usually at the maximum allowed by law. States with higher limits have more stores, but the rates remain higher and competition does not lower them much.

“This new research shows that payday loan markets are not competitive,” Nick Bourke, project director for Pew, told The Tribune

The study urges states to limit payments to “an affordable percentage of a borrower’s periodic income,” saying monthly payments above 5 percent of gross monthly income are unaffordable.

On average, a payday loan takes 36 percent of a person’s pre-tax paycheck, Bourke said.

“Customers simply cannot afford to pay that back and still afford their other financial obligations,” he said. “This is why you see people ending up borrowing the loans over and over again.”

[…]

Oregon Cash Advance Payday Loan – Overnight Payday Loans …


>> Oregon Cash Advance Payday Loan – $1000 Cash Fast in Minutes. Easy Credit Check Bad Credit OK. Get Quicken Loan Now.

Oregon Cash Advance Payday Loan

A very important factor that we did ended up being grow to be an affiliate pertaining to payday loan firms to ensure I could get money from other people getting pay day loans. Some people are merely acquiring these therefore there is absolutely no reason why you shouldn’t receives a commission from your method that created you make payment for much. The second thing Used to do is what truly solved the problem which has been to acquire a cash advance loan consolidation business to consider our personal debt at a reduced volume as well as give the payday cash advances again for me in my account. It had been the most effective alternatives We ever produced and it would have been a exit of the payday advance internet.

Need Fast Cash Advance?. Receive up to $1000. Quick Approval. Quick Cash Now.

Oregon Cash Advance Payday Loan True, you are able to still take out payday loan for this type of events, but as much as possible, it’s advisable to just save aside for the kids. You wouldn’t like your debt to gather, would you? Events that fall under this category are usually the house or apartment rent, car payment bills, or other such bills where there is a fixed payment plan set up.

Cash $1000 in your hand in Fast Time. No Hassle/Fax. Easy Approval within 24 Hours. Apply Cash Now.

Oregon Cash Advance Payday Loan

When you need money after that obtain a bad credit score charge cards and also pay them back punctually to build your current credit. Pay out greater than the particular bare minimum payment and use them to pay bills so that you can pay what you must shell out although constructing your current credit score. Simply no debt consolidation loan business can easily legitimately advise you to shut your account nevertheless sometimes it is the only way to maintain the repayments from becoming refined as well as causing plenty associated with bucks in facility fees. Personally it was the most effective way because I had created so many financial loans and yes it could have set me back a $25 charge for every single stop transaction refined plus the standard could have skipped a few.

If you want an easy money response to your financeissues or cash-strapped emergency, than the kind of short term installment loan could be only the answer you’re in search of.Immediate Cash Within Your accountThe advantage of such loans is that they offer INSTANT money, and therefore whatever your fiscal crisis, you’ll have the bucks you desire in your account inside twenty-four hours of signing up for the borrowed funds.

Get More Information # Oregon Cash Advance Payday Loan

Oregon Cash Advance Payday Loan

As soon as you submit your Loan request, Oregon Cash Advance Payday Loan-loaners begins assessing your Loan request. The approval process just takes few minutes. Quick Cash Advance Payday Loan loaners offer fast Online Loan application, with quick decisions and quick cash. These payday advances enable you to definitely acquire the funds you need, without slow interviewing sessions, questionnaires and forms using the loaners. Websites and Phone lines are open 24 hours, 365 days. Oregon Cash Advance Payday Loan.

More from my site

Personal Loans To Consolidate Bills – Overnight Payday Loans. Flexible Payments. Fast Approved. Money in Your Hand Today.> Free Loans For Bad Credit – Up to $1000 Overnight. Flexible Payments. Quick Approvals. Get Money Today.” />>> Free Loans For Bad Credit – Up to $1000 Overnight. Flexible Payments. Quick Approvals. Get Money Today.Payday Loans All Online Transactions – Looking for $1000 Payday Advance. Flexible Payments. Instant and Easy Approval. Get Fast Loan Today.Mortgage Loans Apply Online – Next Day Cash Advance. Flexible Payments. Approval a Few Minute. Get Fast Cash Today.Personal Cash Loan For Bad Credit – $1000 Cash Advance in Fast Time. Flexible Payments. Very Fast Approval. Cash Today.Irwin Mortgage Debt Consolidation Loans Find-Me-A-Lender.Com – Easy Cash Online Up to $1000 Overnight. Flexible Payments. 90 Second Approval. Get Cash Now. […]

Cz Payday Loans Portland Oregon | Abigai Blog – Abigailsandiegoz


Cz Payday Loans Portland Oregon

Posted by dfjdfsvdsfhdfTuesday, September 10, 2013

Cz Payday Loans Portland Oregon

Cz Payday Loans Portland Oregon : Even with bad credit, payday loans are available from Payday loan Online. When you apply to get a cash advance from us all, all you need is really a job and a banking account. And every loan has an 48-hour satisfaction guarantee. So if you change your head about your loan inside of 48 hours, just return it and also pay nothing! Although qualifying for payday advances is pretty straight forwards, an applicant must meet some basic requirements. First, you need to be over eighteen years with a social stability number. Second, you need a normal steady income from a number of sources. And third, you must have a lively checking or savings account that is currently with a major lender. In addition, a valid working phone number and email address is required so the lender can communicate with. However, no traditional credit check out is involved during either the applying or approval process, in most cases the lenders will check your borrowing history with 3rd party underwirters like teletrack, clarity, etc.. Don’t worry if you might have no credit or get bad credit. Be aware that some people will not qualify for a payday loan just because they can’t fulfill these basic requirements. For those who do qualify, fill out the Payday loan Online free secure on the internet application and submit it. With our extensive circle of lenders, many applicants are approved easily. Mora than 90% of payday loans applicants from our internet site are approved. Be sure to investigate contract your lender supplies you with. It is important to completely understand their requirements, rates, and your obligations to repay your online payday loan. If the payday loans contract terms are certainly not acceptable you can simply cancel the approval and walk away without any fees or obligations.



Cz Payday Loans Portland Oregon

Cz Payday Loans Portland Oregon : A quick payday loan or a payday loan is a loan for a short while. You pay a fee to borrow the amount of money, even if it really is for a 7 days or two. A payday loan or payday loan can be very expensive. Before you consider using a loans, consider other strategies to borrow. What if I’m in the military? If you are in the military, the law protects you plus your dependents. The law limits the eye rate on payday loans. The law furthermore tells lenders to give you information about the rights and the price tag on the loan. The military also offers financial help and help managing your dollars.



Video clip on Cz Payday Loans Portland Oregon

Cz Payday Loans Portland Oregon

Take into account just how long they`ve been operational. Lots of fresh organizations offer many great alternatives, however they should allow you to feel safe too. online direct loans institutions ought to be trustworthy.



Popular Search : Cz Payday Loans Portland Oregon, Best Cz Payday Loans, Cz Payday, Cz Payday Loans Categories: ,

If You Like This Post, Share it With Your Friends

[…]

Using Online Payday Loans Responsibly And Safely | Weird …

Get fast $ 700 online payday loan Madison Wisconsin within one hour fast approval friendly services. You can also apply urgent $ 300 payday loans online Portland Oregon within next business day

Check out various banking institutions, and you will get very many circumstances being a buyer. Financial institutions charge numerous rates useful, supply various terms and conditions as well as the same is applicable for online payday loans. If you are considering being familiar with the possibilities of online payday loans, these post will lose some gentle about them.

If you find your self saddled with a payday loan that you just cannot pay off, call the borrowed funds organization, and lodge a issue. Almost everyone has legitimate issues, regarding the high charges billed to prolong online payday loans for an additional pay out period of time. Most financial institutions provides you with a price reduction on the loan charges or attention, however you don’t get should you don’t request — so make sure to request!

Make sure that you fully grasp exactly what a payday loan is before you take a single out. These lending options are normally of course by businesses that are not banking institutions they offer little sums of capital and demand minimal paperwork. The lending options are found to the majority of folks, while they normally have to be repaid within 14 days.

Carry out the essential research. Don’t resolve to consider the 1st loan provider you see. Examine and evaluate numerous creditors to discover the cheapest rate. Even though it might require a litte time expense by you, it might actually pay off in the long run by saving you cash. It might be possible to discover a web site which helps you are making speedy side by side comparisons.

Payday loans can help in desperate situations, but fully grasp that you could be billed financing charges that could mean almost one half attention. This massive rate of interest could make paying back these lending options out of the question. The funds is going to be subtracted straight from your paycheck and might push you proper into the payday loan workplace for further cash.

It is recommended to explore other ways of getting resources. It is actually a wiser option to use urgent resources coming from a good friend or comparable. It will also work nicely to acquire a loan through your lender or to use a charge card. By borrowing cash coming from a good friend, you are able to stay away from the charges connected with online payday loans.

Tend not to use a payday loan organization except if you have worn out all of your current other choices. Once you do obtain the borrowed funds, be sure you could have cash available to pay back the borrowed funds after it is because of, or else you could end up paying out very high attention and charges.

Use your payday lending practical experience being a motivator to create far better financial options. When you have earlier taken out one of those lending options, you recognize that you had to spend lots of money in charges and attention. Use the information about the true expenses of the lending options that will help you keep inspired to pay it off.

Before agreeing to the loan, look at the agreement extensively. Particular on the web loan internet sites are simply scams that strategy you into providing them with use of your consumer banking information and facts.

As you think about whether or not you will want payday loan, take a look at price range and ensure you are able to pay the loan back again within two to three weeks. If you need to use greater than what you will have open to pay out during those times, explore other choices. It can be possible to find other creditors who can present you with additional time to pay back your loan.

This information has given you information about online payday loans. Anyone can see whether online payday loans are the most effective option for you. Utilize this information and facts that will help you make a good choice.

[…]

JPMorgan Reining In Payday Lenders

JPMorgan Chase will make changes to protect consumers who have borrowed money from a rising power on the Internet—payday lenders offering short-term loans with interest rates that can exceed 500 percent.

JPMorgan, the nation’s largest bank by assets, will give customers whose bank accounts are tapped by the online payday lenders more power to halt withdrawals and close their accounts.

Under changes to be unveiled on Wednesday, JPMorgan will also limit the fees it charges customers when the withdrawals set off penalties for returned payments or insufficient funds.

The policy shift is playing out as the nation’s biggest lenders face heightened scrutiny from federal and state regulators for enabling online payday lenders to thwart state law. With 15 states banning payday loans, a growing number of the lenders have set up online operations in more hospitable states or foreign locales like Belize, Malta and the West Indies to more nimbly dodge statewide caps on interest rates.

Bank of America and Wells Fargo said that their policies on payday loans remained unchanged.

At an investor meeting in February, Jamie Dimon, JPMorgan Chase’s chief executive, called the practice, which was the subject of an article in The New York Times last month, ”terrible.” He vowed to change it.

While JPMorgan Chase never directly made the loans, the bank, along with other major banks, is a critical link for the payday lenders. The banks allow the lenders to automatically withdraw payments from borrowers’ bank accounts, even in states like New York where the loans are illegal. The withdrawals often continue unabated, even after customers plead with the banks to stop the payments, according to interviews with consumer lawyers, banking regulators and lawmakers.

The changes at JPMorgan, which will go into effect by the end of May, will keep bank customers from racking up hundreds of dollars in fees, generated when the payday lenders repeatedly try to debit borrowers’ accounts. Still, the changes will not prevent the payday lenders from extending high-cost credit to people living in the states where the loans are banned.

It is possible that other lenders could institute changes, especially because rivals have followed JPMorgan’s lead in recent years. In 2009, for example, after JPMorgan capped overdraft fees at three a day, Wells Fargo also changed its policies to reduce the number of daily penalties charged.

The changes come as state and federal officials are zeroing in on how the banks enable online payday lenders to bypass state laws that ban the loans. By allowing the payday lenders to easily access customers’ accounts, the authorities say the banks frustrate government efforts to protect borrowers from the loans, which some authorities have decried as predatory.

Both the Federal Deposit Insurance Corporation and the Consumer Financial Protection Bureau are scrutinizing how the banks enable the lenders to dodge restrictions, according to several people with direct knowledge of the matter. In New York, where JPMorgan has its headquarters, Benjamin M. Lawsky, the state’s top banking regulator, is investigating the bank’s role in enabling lenders to break state law, which caps interest rates on loans at 25 percent.

Facing restrictions across the country, payday lenders have migrated online and offshore. There is scant data about how many lenders have moved online, but as of 2011, the volume of online payday loans was $13 billion, up more than 120 percent from $5.8 billion in 2006, according to John Hecht, an analyst with the investment bank Stephens Inc.

By 2016, Mr. Hecht expects Internet loans to dominate the payday lending landscape, making up about 60 percent of the total payday loans extended.

JPMorgan said that the bank will charge only one returned item fee per lender in a 30-day period when customers do not have enough money in their accounts to cover the withdrawals.

That shift is likely to help borrowers like Ivy Brodsky, 37, who was charged $1,523 in fees—a combination of insufficient funds, service fees and overdraft fees—in a single month after six Internet payday lenders tried to withdraw money from her account 55 times.

Another change at JPMorgan is intended to address the difficulty that payday loan customers face when they try to pay off their loans in full. Unless a customer contacts the online lender three days before the next withdrawal, the lender just rolls the loan over automatically, withdrawing solely the interest owed.

Even borrowers who contact lenders days ahead of time can find themselves lost in a dizzying Internet maze, according to consumer lawyers. Requests are not honored, callers reach voice recordings and the withdrawals continue, the lawyers say.

For borrowers, frustrated and harried, the banks are often the last hope to halt the debits. Although under federal law customers have the right to stop withdrawals, some borrowers say their banks do not honor their requests.

Polly Larimer, who lives in Richmond, Va., said she begged Bank of America last year to stop payday lenders from eroding what little money she had in her account. Ms. Larimer said that the bank did not honor her request for five months. In that time period, she was charged more than $1,300 in penalty fees, according to bank statements reviewed by The Times. Bank of America declined to comment.

To combat such problems, JPMorgan said the bank will provide training to their employees so that stop-payment requests are honored.

JPMorgan will also make it much easier for customers to close their bank accounts. Until now, bank customers could not close their checking accounts unless all pending charges have been settled. The bank will now allow customers to close accounts if pending charges are deemed ”inappropriate.”

Some of the changes at JPMorgan Chase echo a bill introduced in July by Senator Jeff Merkley, Democrat of Oregon, to further rein in payday lending.

A critical piece of that bill, pending in Congress, would enable borrowers to more easily halt the automatic withdrawals. The bill would also force lenders to abide by laws in the state where the borrower lives, rather than where the lender is.

JPMorgan Chase said it is ”working to proactively identify” when lenders misuse automatic withdrawals. When the bank identifies those problems, it said, it will report errant lenders to the National Automated Clearing House Association, which oversees electronic withdrawals.

[…]

Home Federal Bancorp, Inc., Declares Quarterly Cash Dividend and Special Dividend

NAMPA, Idaho, Nov. 29, 2012 (GLOBE NEWSWIRE) — Home Federal Bancorp, Inc. (HOME), announced that its Board of Directors declared a regular quarterly cash dividend of $0.06 per share and a special dividend of $0.12 per share on its common stock. The combined dividend of $0.18 per share will be payable on December 27, 2012, to stockholders of record as of December 13, 2012.

Home Federal Bancorp, Inc., is headquartered in Nampa, Idaho, and is the parent company of Home Federal Bank, a community bank originally organized in 1920 serving southwestern Idaho and Central and Western Oregon through 28 full-service branches and two loan production offices. The Company’s common stock is traded on the Nasdaq Global Select Market under the symbol “HOME” and is included in the Russell 2000 Index. For more information, visit the Company’s web site at www.myhomefed.com/ir.

Forward-Looking Statements:

Statements in this news release regarding future events, performance or results are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”) and are made pursuant to the safe harbors of the PSLRA. Actual results could be materially different from those expressed or implied by the forward-looking statements. Factors that could cause results to differ include but are not limited to: the ability to maintain current dividend payments or increase dividend payouts to stockholders, regulatory capital requirements, future earnings and cash flow of the Company, regulatory changes and general economic conditions, our ability to successfully manage and integrate any assets, liabilities, customers, systems, and management personnel we have acquired or may in the future acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto. Additional factors that could cause actual results to differ materially are disclosed in Home Federal Bancorp, Inc.’s recent filings with the Securities and Exchange Commission, including but not limited to its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Form 10-QT and Current Reports on Form 8-K. Forward-looking statements are accurate only as of the date released, and we do not undertake any responsibility to update or revise any forward-looking statements to reflect subsequent events or circumstances.

Contact:

Home Federal Bancorp, Inc.
Len E. Williams, President & CEO
Eric S. Nadeau, EVP, Treasurer & CFO
208-466-4634
www.myhomefed.com/ir

[…]

Online Payday Loan Peddlers Apparently Skirting The Law By …

Image paydayhey.jpg

(legotech)

When someone wants your money, they’ll go to quite sneaky lengths to get your business. That’s what one Oregon senator says online loan sharks are doing, by opening on Native American reservations so as to get around state and federal consumer protection laws. State laws don’t work on tribal lands, a situation which has turned such lands into veritable havens for payday lenders trying to skirt regulation.

Senator Jeff Merkley tells KATU he’s been trying to crack down on those organizations for a while now.

“What they’re doing is morally wrong,” Merkley said. “It breaks state law. It destroys families and we have to stop it.”

Loan companies are often sending customers to collections and charging triple-digit interest rates and harassing them over the phone. But under Oregon and federal law, nothing can be done if the companies operate on reservations, where tribal sovereignty is the law of the land.

Merkley tried to stop payday lenders from nefarious dealings by pushing a law through in 2007 that limits interest and fees that can be charged, and outlawed collections on any loans done over the Internet. Once those lenders moved to tribal lands, everything changed.

The senator is now pushing Congress to change federal law, which could be a hard fight as treaties involving some tribal lands have existed for decades.

“It simply says that you can’t operate out of a tribal reservation or overseas, or anywhere else, and violate the state laws,” Merkley said of his bill, which would enable the Consumer Fraud Protection Bureau to stop loan sharks.

Online loan sharks find tribal lands are an easy way to skirt the law [KATU]

Tell a friend:

[…]