What You Need to Know about the New Payday Loan Rules

On June 2, 2016, the Consumer Financial Protection Bureau issued proposed rules to regulate the payday loan industry. These rules close the traps that many low-income residents find themselves in when money runs short. Here’s what you need to know about the new payday loan rules, and why they are necessary.

Michigan Considers Bill to Loosen Payday Loan Laws

Payday loans are a debt sentence to low-income families across Michigan. But while federal regulators are trying to find ways to crack down on the industry, the Michigan Legislature is considering just the opposite. Two new bills would loosen payday loan laws and make it easier for lenders to take advantage of poor Michigan families.

Federal Bill Could Gut Payday Loan Regulations

The Consumer Financial Protection Bureau is expected to crack down on payday loan regulations later this year. But a bill working its way through the House of Representatives in Washington could stop these important consumer protections in their tracks.

Obama Speaks Out In Support of Payday Loan Regulations

Many low-income families rely on payday loans to stretch their money from paycheck to paycheck. But these short-term loans often take advantage of consumers. That's why President Obama and the Consumer Financial Protection Bureau are calling for regulations that balance credit availability and predatory lending protections.