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Payday Mayday: Visible and Invisible Payday Lending Defaults
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CFPB's Preliminary Proposal to Address Payday and Similar Debt-trap Loans
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Overdraft U Student Bank Accounts Often Loaded with High Overdraft Fees
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Comment on Proposed Revision of Information Collection
CRL commends the FDIC for soliciting comments to enhance the National Survey of Unbanked and Underbanked Households. Since its inception, the Survey has served as the best—and sometimes the only—public data source for analyzing trends in alternative financial products. We believe that by expanding the products covered, collecting information on frequency of use, and offering greater flexibility in online access to the data, FDIC could make this already valuable data source even more beneficial to researchers, policy makers, and the public at large.

Research Comment On: "Do Defaults on Payday Loans Matter?" by Robert Mann
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Research Comment On: "Payday Loan Rollovers and Consumer Welfare" by Jennifer Lewis Priestley
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Widespread Support for Reining in Abusive Payday Lenders
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Analysis: CRL Finds AFCC Debt Settlement Report Falls Short
In February 2013, the American Fair Credit Council, an association of debt settlement companies, released a report that claimed to assess the outcomes of debt settlement services by the industry. This report, “Options for Consumers in Crisis: An Economic Analysis of The Debt Settlement Industry,” was commissioned by the AFCC, and fails to demonstrate that debt settlement leaves consumers better off and in fact overstates the benefits of debt settlement for the consumers studied. This CRL analysis details the flaws in the report.

Reckless Driving: Implications of Recent Subprime Auto Finance Growth
The auto finance market has grown significantly in the past few years. According to Experian Automotive, outstanding auto loan balances reached a record-breaking $870 billion in the third quarter of this 2014, an increase of 9.9% and 24.5% over the same periods in 2013 and 2012, respectively. As of the end of the third quarter of 2014, loans to consumers with below prime credit comprised 38.7% of open accounts, totaling over $336 billion.

Comments on the Military Lending Act
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New Report Finds CFPB Proposal Must Include Ability to Repay for All Payday Loans
A new report released today by the Center for Responsible Lending (CRL) finds a high percentage of payday loan borrowers experience a “visible” or “invisible” payday loan default while caught in the debt trap.

Overdraft U: Exclusive bank-college partnerships yield few benefits, if any, for students
A new report by the Center for Responsible Lending finds that college-bank partnership checking accounts for students offer few benefits to the students who use them. Indeed, some students end up paying more in overdraft fees on these accounts per year than the average student pays for books per year.

CFPB Field Hearing on Payday Lending Prepared Remarks of Michael D. Calhoun
CRL president Mike Calhoun delivered the following testimony at the Consumer Financial Protection Bureau field hearing on payday loans in Richmond, VA on March 26, 2015.

Consumer Financial Protection Bureau to Limit Payday Loan Debt Trap; Curb 400% Interest Rate Loans
The Consumer Financial Protection Bureau offered a first look at where the agency’s efforts to rein in the abusive practices of payday and car title lenders are headed. At a hearing in Richmond, VA, the consumer agency released information outlining a proposed rule and took testimony from a panel of consumer and civil rights advocates as well as industry representatives.

Student Aid Bill of Rights Would Ease the Burden of Student Debt
In a speech delivered at Georgia Tech yesterday, President Obama discussed his plans to implement more robust consumer protection for student loan borrowers. Shortly before his address, the president signed a Memorandum directing the Department of Education and other federal agencies to help students better manage their loans.

Forced Arbitration Negatively Affects Consumers, New Report to Congress Shows
Consumer Financial Protection Bureau releases report on the effects of forced arbitration clauses in financial service contracts


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