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Tag Archives: payday lenders

Federal regulators propose restrictions on payday lenders

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Federal regulators are proposing a significant clampdown on payday lenders and other providers of high-interest loans, saying borrowers need to be protected from practices that wind up turning into “debt traps” for many. The Consumer Financial Protection Bureau’s proposed regulations, announced Thursday, seek to tackle two common complaints about the payday lending industry. The CFPB is proposing that lenders must ...

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CFPB likely to seek curbs on bank account access by payday lenders

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By TED CARTER The U.S. Consumer Financial Protection Bureau is expected this spring to propose limits on the attempts an online payday lender can make to withdraw money from a borrower’s bank account. The rulemaking follows an 18-month analysis of online payday lending and its costs to borrowers. In addition to large fees for overdrafts and charges for non-sufficient funds, repeated ...

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George Flaggs regrets repayment flaw in lending law

The former chairman of the Mississippi House Banking Committee gave strong support in 2012 to renewal of the state’s payday lending law. The chairman’s enthusiasm even led him to lead the push to remove sunset provisions and make payday lending permanent in Mississippi. George Flaggs, elected mayor of Vicksburg last year after 26 years in the Legislature, feels differently today. ...

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Under state probe, All American Check Cashing gets ‘F’ rating from Better Business Bureau

All American Check Cashing’s refusal to answer complaints has led the Better Business Bureaus in Mississippi and Alabama to give grades of “F” to the Madison payday lender that the Mississippi Department of Banking & Finance says did loan rollovers that violated state law. The Department of Banking & Finance put All American Check Cashing and its 41 stores in ...

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State regulators probe All American Check Cashing on suspicion of violating loan rollover law

Madison payday lender All American Check Cashing is under a “cease and desist” order after refusing to let examiners from the Mississippi Department of Banking and Finance review its records for signs of illegal lending. The order followed a state raid on 15 of the company’s 41 Mississippi stores, a former executive of All American Check Cashing said. Examiners say ...

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AG Hood joins effort to protect states' payday lending laws

Mississippi Attorney General Jim Hood has joined at least 40 other states’ legal officers in opposing legislation in Congress that could pre-empt states’ authority in governing payday lending businesses. Hood says in a news release that the bill in Congress would allow payday lenders, installment lenders, car title lenders, prepaid card issuers and check cashers to obtain a federal charter ...

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All-American completes merger/acquisition with Emergency Cash

MADISON and BYRAM — All American Check Cashing has completed the merger and acquisition of Emergency Cash of Byram. Terms were not disclosed. This marks the fifth acquisition for All American in the last 12 months and brings the total of payday and title loan locations in Mississippi to over 34. Early this month All American opened two title loan ...

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Payday lending bill could jeopardize smaller lenders

The 28 days the legislation gives borrowers to repay the loan would severely hurt cash flow of small, rural lenders, the payday-loan industry says If Mississippians want payday lenders to go away, state Rep. George Flaggs is giving them a lot of what they want, the lenders say. The Vicksburg Democrat and chair of the House Banking & Finance Committee ...

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