payday loans

Community
12:07 pm
Tue September 30, 2014

The Source: New DoD Rules Hope To Better Protect Service Members From Predatory Lenders

Credit Flickr user Rambergmediaimages / cc

Last week the Obama administration announced that the Department of Defense (DoD) would be increasing protections for service members from predatory loans.

Military members have long been targets for payday and predatory lenders. For this reason Congress passed the Military Lending Act (MLA) in 2006 that capped percentage rates at 36 percent on payday and auto title loans, and didn't allow the loans to be automatically renewed for military service members. 

These protections proved difficult as payday, auto title, and other predatory lenders were changing terms and other aspects of loans to avoid the MLA's clamp down.

According to a recent study for Congress the DoD stated:

However, specific definitions of problematic credit no longer appear to function well in the current marketplace. 

For instance the old language in the act limited the percentage rate on loans under $2000 and loans 91 days or fewer, so many payday lenders restructured offerings to longer than 91 days, or making them "lines of credit," which allowed them to maintain large percentage rates. 

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The Source -September 10, 2014
11:34 am
Wed September 10, 2014

The Source: Payday Lenders Go To Court In San Antonio

Credit Paul Flahive, Texas Public Radio

Today the city of San Antonio takes two payday lenders to court for violating the ordinance it passed two years ago to regulate the industry " in an effort to reduce against abusive and predatory lending practices."

The ordinance includes limiting the percentage rate of the loan to the income of the lendee, limiting the number of rollovers a person can take and requiring the contract be written in a language the borrower can understand, among other things. 

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The Source - June 3, 2014
4:38 pm
Tue June 3, 2014

The Source: Payday Lenders See Big Payday Despite City Efforts

Credit Flickr user Rambergmediaimages / cc

There are more payday loan shops than Starbucks in Texas, with 200 right here in San Antonio. 

A new study by the Center for Public Policy Priorities showed that payday lenders in Texas made more last year than ever despite giving out fewer loans.

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Payday Lending
11:54 am
Wed May 21, 2014

Texas Payday Lending Study Shows Industry Raised Fees In 2013

Credit Flickr user Rambergmediaimages / cc

The Center for Public Policy Priorities, a left-leaning political think tank, released a study showing that in 2013 the industry raised it’s fees by 12 percent, collecting over $1.3 million from Texans.

Don Baylor, a senior policy Analyst with the center, said that Texans between 2012 and 2013 paid more in fees for loans using a paycheck or car title as collateral.

“So we saw these loans become more frequent and we also saw them become much longer in terms, which means Texans are paying a lot more for these products,” Baylor said.

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The Source - March 5, 2014
12:38 pm
Wed March 5, 2014

The Source: Alternatives To Predatory Lenders

Flickr user Rambergmediaimages cc

This week a coalition met to address San Antonio's problem with low-income access to credit. 30 people representing organizations ranging from the San Antonio Area Foundation to the Federal Reserve Bank of San Antonio make up the The Anti-Predatory Lending Coalition which is looking at ways to increase alternatives to payday and auto-title lenders. 

They use "predatory" to describe the lenders who charge large transaction fees as well as exorbitant interest rates on their loans. 

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2014 Governor's Race
9:35 am
Mon January 6, 2014

Davis And Abbott Step Up Campaigning Following Finance Chair's Payday Loan Comments

Ryan Poppe/David Martin Davies TPR News

A political expert says the ongoing battle over remarks made by Texas Finance Commission Chairman William White, who is also vice president of Cash America, a payday lending company, is a glimpse at how the rest of the 2014 governor’s race will play out.

Democratic gubernatorial candidate Wendy Davis called for White to resign from his position following comments he made about consumers and payday lending companies, saying that White's position at a such a company compromises his ability to act as a fair regulator of the industry.

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Texas Matters
1:44 pm
Fri January 3, 2014

Small Earthquakes Rock North Texas Town, Residents Demand Answers From Railroad Commission

Residents of Azle, near Ft. Worth, were asked to raise their hands if they've heard a loud "boom" accompanying recent earthquakes.
Mose Buchele for KUT

Texas Matters: Residents in North Texas are dealing with the increased frequency of small earthquakes that some people are linking to oil and gas drilling in the area. State Rep. Mike Villarreal talks about the possible conflict of interest with William White, who as chair of the Texas Finance Commission is also vice president of a payday loan company. Also on this show: Population growth in Texas and the Kallison ranching family.

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Politics
1:52 pm
Tue December 31, 2013

Davis Asks Gov. Perry To Remove Finance Committee Chair With Links To Payday Lending Industry

Screen shot from the "A Texas Story" campaign video for Wendy Davis.
Wendy Davis for Governor

State Sen. Wendy Davis, D-Fort Worth, who is running for governor in 2014, is calling on Gov. Rick Perry to remove William White, the chairman of the state’s Finance Commission, following comments White made to the El Paso Times about payday lenders and the people that use them.

In the article, White says that blame for debt trouble belongs on the consumers and not the companies that make the loans.

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The Source - November 26, 2013
1:36 pm
Tue November 26, 2013

The Source: Justice When A Child Accuses | Payday Lenders Flout SA Ordinance

Roscoe Ellis (Flickr User: arellis49)

In the first segment:

The National Center for Reason and Justice is saying Fran Keller, who was incarcerated 20 years ago in a bizarre ritual abuse case in her Austin daycare center, is going to be freed as early as this afternoon to await the decision of the Court of Criminal Appeals on whether or not a retrial is necessary.

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Community
2:34 pm
Wed September 25, 2013

Re-Imagining Payday Lending In San Antonio

District 1 Councilman Diego Bernal has led the payday lending reform charge in San Antonio.
Ryan Loyd TPR News

  Faith-based organization Together for the City is about to launch a new alternative to payday lending that the group hopes will help financially-strapped families get back on their feet. The one-year-old group also plans to carve out a variety ways to serve the community.

At Tuesday’s meeting, Linda Hardberger asked the group to help Green Spaces Alliance promote and build more community gardens throughout the city.

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