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“Personal installment loans are often a critical lifeline for borrowers with limited credit options, allowing them to pay for unexpected expenses or to consolidate debts.”

- Assistant Attorney General Bill Baer, Justice Department Antitrust Division (2015)

“In both rich and poor countries alike, credit institutions have favored the rich and in so doing, have pronounced a death sentence on the poor… "

- Muhammad Yunus, Banker to the Poor (1999)

“We recognize the need for emergency credit. At the same time, it is important that these products actually help consumers, rather than harm them.”

-Richard Cordray, CFPB, Birmingham, AL (Jan 2013)

“Payday borrowers strongly support requiring the loans to have affordable installment payments.”

- Pew Charitable Trusts

Bank Branch Closures Continue Apace

July 1st, 2021|Comments Off on Bank Branch Closures Continue Apace

The latest S&P Global Market Intelligence statistics for bank branch closures shows U.S. banks and thrifts opened 101 branches and permanently closed 200 in May. This left 82,474 active U.S. branches as of May [...]

Jamie Dimon and Jane Fraser: Doubts about 36% Rate Cap  

June 16th, 2021|Comments Off on Jamie Dimon and Jane Fraser: Doubts about 36% Rate Cap  

In a May 27 Virtual Hearing of the US House Financial Services Committee, Bank CEOs Jamie Dimon (JPMorgan Chase) and Jane Fraser (Citigroup) expressed doubts about a blanket 36 percent APR cap, currently under [...]

AFSA Files Lending Lawsuit in Illinois

June 16th, 2021|Comments Off on AFSA Files Lending Lawsuit in Illinois

On June 2 the Illinois Financial Services Association and the American Financial Services Association (AFSA) jointly filed a lawsuit against the State of Illinois and the Illinois Department of Financial and Professional Regulation (DFPR) [...]

Public Banks and the Postal Service can't help borrowers who need small loans in Illinois | Letters https://chicago.suntimes.com/2021/3/28/22352716/public-banks-post-office-predatory-lending-illinois-financial-services-association-letters?utm_campaign=chicago.suntimes&utm_content=entry&utm_medium=social&utm_source=twitter via @SunTimes

New Jersey Attorney General Chosen as SEC Enforcement Director https://www.wsj.com/articles/new-jersey-attorney-general-chosen-as-sec-enforcement-director-11624993842?mod=e2tw

Why APR is a misleading metric @onlinelenders #financialinclusion https://www.forbes.com/sites/forbesfinancecouncil/2020/11/18/why-aprs-are-a-misleading-metric-for-small-dollar-loans/?sh=11ef26b81e33

APR is misleading in assessing the true cost of credit. If you don't understand it, this might help #restorecreditinIL #consumerfinance #financialcapability

APR Rules on Short-Term Loans are Misleading (Boston Herald) #installmentloanswork #restorecreditinIL
https://nilaonline.org/2021/06/03/apr-rules-on-short-term-loans-are-misleading-boston-herald/

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