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3/31/2010

1. Defending payday loan industry complete distortion of situation: Sun Press Letter to the Editor (The Sun Press)
   Rarely have I seen such a distortion of a situation as in the defense of payday loans (“Payday loan industry a necessity, not an evil,” Sun News, March 4.) And I do know a family who has been involved in this trap, and it has been a nightmare.
   (Published: Sat, 27 Mar 2010 17:25:25 GMT)

2. Microlending: no longer just a third world thing (National Catholic Reporter)
   Last August, I wrote a story about how micro loans represent a healthy and constructive alternative for the poor versus the voracious payday loan companies.
   (Published: Mon, 29 Mar 2010 16:47:23 GMT)

3. Andy Gehl and Bruce Speight: Protect consumers with payday rate cap (The Capital Times)
   For months a debate has been raging in Wisconsin about payday and auto title loans, and whether the terms and features of these loans should provide affordability and ability to repay the debt, or remain unregulated and trap consumers in unending cycles of debt.
   (Published: Tue, 30 Mar 2010 09:47:32 GMT)

4. Weird but true (New York Post)
   Maybe duct tape doesnt work for everything after all. Police busted an 18-year-old Cadillac, Mich., man for the alleged burglary of a payday loan business -- despite his sticking duct tape to the bottoms of his shoes in an attempt to hide his tracks. He was arrested carrying about...
   (Published: Mon, 29 Mar 2010 07:40:44 GMT)

5. Bill would cap payday loan interest for jobless (Los Angeles Times)
   Such lenders, who can charge annualized interest of 459%, would have to limit the rate to 36% for the unemployed. New legislation introduced Friday targets payday lenders who offer loans to the unemployed.
   (Published: Sat, 27 Mar 2010 01:08:46 GMT)

6. Payday loan interest-rate cap for unemployed? (KABC-TV Los Angeles)
   A state lawmaker is trying to cap payday loan interest rates and relieve some of the pressure on the jobless.
   (Published: Tue, 30 Mar 2010 02:08:27 GMT)

7. New law targets payday lenders (KGO-TV Bay Area)
   A Berkeley assemblywoman has introduced legislation to limit the predatory practices of payday lenders.
   (Published: Tue, 30 Mar 2010 01:48:17 GMT)

8. Credit Suisse says lending lawsuit without merit (AP via Yahoo! News)
   Defense attorneys want a federal judge to throw out a $24 billion predatory lending lawsuit filed against Credit Suisse Group by investors in broke resorts in the West and the Bahamas.
   (Published: Tue, 30 Mar 2010 21:06:15 GMT)

9. NYC Releases Results of Conditional Cash Program (The Epoch Times)
   The city saw increases in families establishing a bank account instead of using immediate payday loan services, getting health insurance instead of using costly emergency room services, and an increase in families seeking dental care.
   (Published: Wed, 31 Mar 2010 02:06:50 GMT)

10. Report: Payday lenders gave $75K to Wis. officials (AP via Yahoo! Finance)
    A new report says payday lenders gave $75,000 to campaign committees controlled by Wisconsin politicians in 2009. The Wisconsin Democracy Campaign says Democrats who control the Assembly and Senate accepted more than $47,000 in campaign donations from the payday lending and auto title loan industries.
    (Published: Thu, 25 Mar 2010 15:44:57 GMT)