Senator Alice Forgy Kerr’s SB32, which would cap payday lending rates at 36%, received attention from the Assets and Opportunity Network. http://assetsandopportunity.org/network/advocacy_community/advocacy_community_updates/
Media Contacts: Robert Owens, 502-797-6870, firstname.lastname@example.org; Dustin Pugel, 859-367-0152, email@example.com Kentucky Faith Leaders Push Bill to Prevent Unfair Payday Loan Practices Coalition seeking to prevent local economies from losing millions of dollars in revenue while consumers struggle with high interest fees and cycle of debt. Frankfort, KY – Today, a broad, interdenominational coalition of the […]
More restrictions needed for payday lenders, according to this opinion piece from the Louisville Courier-Journal. http://cjky.it/1u5vcwb
Laws governing payday lending vary greatly from state to state, and there are currently no federal regulations regarding the payday industry. Read more here.
Missouri recently passed changes to payday lending laws to become the latest state to have such legislation. The Missouri Senate Thursday passed a measure to eliminate renewals on payday loans and decrease fees and interest that lenders are allowed to charge. Read more here.
The following op-ed by Rev. Ronald Luckey appeared in the Lexington Herald-Leader on May 3, 2014. On Saturday, April 26, a group of concerned citizens from Faith Lutheran Church in Lexington staged a peaceful protest in front of two of the 30 payday lending stores in Lexington. Carrying signs that read, “Lutherans are Concerned About Payday […]
Unfortunately, there is little good news to report regarding the increased regulation of the predatory payday lending industry in Kentucky during the 2014 General Assembly. However, at the national level, the trend toward curbing these abusive lending practices continues. A number of state legislatures are tackling this important consumer protection issue during their 2014 sessions: […]
The Center for Responsible Lending (CRL) released a new installment in its State of Lending series entitled Bank Payday Lending last September. The report noted several troubling trends regarding short-term, high-interest financial products offered by a number of well-known national and regional banks. Though offered by established financial institutions, high-interest bank loans can be just […]