Learn about consumer protection issues involving payday lending, including legislation and regulation, government agency enforcement and private litigation.

• High cost credit is harmful to consumers according to recent research and reports.
  
• Payday Lenders Pose as Brokers to Evade Interest Rate Caps: The next chapter in payday lender subterfuge, July 2010
• Controlling the Growth of Payday Lending Through Local Ordinances and Resolutions: A Guide for Advocacy Groups and Government Officials, March 2010
  
• Military Lending Act Rules Protect Service Members and their Families from Predatory Lending
  
• CFA 2009 State Payday Loan Legislation Report
• CFA 2008 State Payday Loan Legislation Report
  
• CRL Issue Brief:  A 36% APR Cap on high-cost loans promotes financial recovery, January 2009
• Bills to set a federal usury cap were introduced in 2009.  Over 100 groups support Senator Durbin's S. 500 and Representative Speier's H.R. 1608.
• Overdraft loans are payday loans made by banks that permit transactions to overdraw a consumers' account.  Banks charge high fees for a short term bank loan to cover the overdraft. 
  • CFA issued a press release on overdraft pratices and consumer support for bank overdraft reform
    • Survey of Big Bank Overdraft Fees (PDF)
    • Overdraft Examples (PDF)
  • CFA testified in support of H.R. 3904 and S.1799 . CFA also testified in support of  H.R. 1456, a bill to require banks to get consumers' consent to overdraft loans. 
  • CFA issued a press release on big bank's "reformed" overdraft policies.
  • CFA also filed an updated overdraft fee survey in comments to the Federal Reserve Board and joined with the Center for Responsible Lending in detailed comments to the Board's latest proposals.