News
Contributions from reporters, editorial writers, bloggers and the public help develop the public discourse on payday lending. Whether you help make the news or read the news, this is the page for getting the latest story on predatory lending.
In the News
- Most recent–What’s happening after passage of Payday Loan Reform Act
The U.S. military has taken aim at payday, car title and other "predatory lenders" in a new report that argues regulations broader than Oregon’s are needed to protect service members. "Military takes on predatory lending." The Oregonian. August 17, 2006.
Gov. Ted Kulongoski vowed Thursday to block quick-cash lenders who try to skirt the Legislature’s recent crackdown on high-interest payday loans."Governor: No predatory lending." The Oregonian July 28, 2006.
Gov. Kulongoski acknowledges loophole in current law and guarentees that it will get fixed. "Governor vows payday loan crackdown". The Oregonian . July 27, 2006.
The record of litigation of Oak Brook Financial, one of Oregon’s largest payday lenders, shows that the payday loan industry is a, "system that sets up people to fail." "Oak Brook Financial files suit against 4,500 payday loan customers in Multnomah County." Willamette Week. July 19, 2006.
This spring, the Oregon Legislature cracked down on payday loan stores that drag low-income families deeper into debt.They did an important public service. However, they left a big loophole in their legislation, as The Oregonian’s Bill Graves reported last Sunday. The new law, which takes effect next July, applies only to payday lenders. It doesn’t cover conventional lenders, who are licensed to make longer-term loans that are paid back in installments. It also doesn’t cover car-title lenders. "Close loopholes on predatory lenders." The Oregonian. July 9, 2006.
Payday lenders didn’t go away when Illinois passed a reform law last year that capped interest and limited loan periods to a maximum of 45 days. Now many lenders there are buying different licenses that allow them to make installment loans at high interest rates exempt from the reform law."Payday lenders look for ways around cap." The Oregonian. July 2, 2006.
The Legislature’s crackdown on payday lenders in April will not stop some of the same quick-cash stores from charging 300 percent interest on loans to borrowers who put up their cars as security. High title loan costs unchecked. The Oregonian. July 2, 2006.
The payday loan industry has continued to survive - and grow - in many states that have acted to protect citizens from exorbitant interest rates and predatory terms. The laughable outrage of payday lenders, which will intensify as next year’s legislative session nears, is aimed at persuading state lawmakers to weaken or eliminate the new restrictions. "Keep lid on payday loans." Eugene Register Guard. May 20, 2006.
The record litigation of Oak Brook Financial, one of Oregon’s largest payday lenders, shows the payday loan industry is a "system that sets up people to fail." “Oregon’s payday lenders…attempts to evade regulations approved last month by the Legislature.” Willamette Week. May 18, 2006.
"Lenders, lobbyists likely to keep fighting payday loan limits." The Oregonian. April 22, 2006.
Keizer City Councilor Charles Lee has proposed a payday-loan-reform ordinance that would restrict such loans long before a statewide law goes into effect in July 2007. "Councilor doesnt want Keizer to wait." Salem Statesman Journal. July 18, 2006.
On the heels of state regulations placing more restrictions on payday loans, the city of Bend is looking at an ordinance that would further regulate payday lenders in Bend. If approved, Bend would follow five other Oregon cities that have payday regulations that go beyond what is on the state books. "Payday loans don’t pay." The Bend Bulletin. July 9, 2006.
The Bend City Council gave the first of two necessary approvals to an ordinance that would make doing business a littler harder for payday lenders."Payday lenders take heat from Bend councilors." Bend Bulletin. July 6, 2006.
Beaverton took the lead Monday night in protecting Washington County residents in need of ready cash. Now it’s time for other local governments to follow the city’s lead. "Who else will step up to limit payday lenders?" The Oregonian. April 21, 2006.
Oregon City commissioners decided Monday to consider tighter regulations on payday loan companies. Oregon City officials look to set limits on payday loans The Oregonian. June 7, 2006.
Both the Gresham and Troutdale City Councils will decide whether to regulate payday loans by mirroring a law adopted by Portland last month. The cities say they are acting because the state Legislature has failed to cap interest rates, despite several attempts in recent years. Gresham council looks at payday loan limit. The Oregonian. March 2, 2006.
Community activists and religious and union leaders are pushing an initiative for the Nov. 7 ballot that would halve fees for most payday loans, limit annual interest on extensions to 36 percent and limit loan terms to no less than 31 days. "No more blank checks for city’s payday lenders."The Oregonian.February 23, 2006.
Pre Special Session–ballot measure and special session bill
Payday loans under fire for high interest charges The Register-Guard April 12, 2006
Reformers take aim at payday loan rates The Register-Guard February 28, 2006
Quick cash leads to debt The Oregonian December 11, 2005
In the beginning–stories about the Payday Loan Reform bill in the 2005 legislative session
Protecting payday loans The Register-Guard 7/7/05
Let’s make Oregon a usury free state The Oregonian 4/24/05
Bill limits rates for payday loans Statesman Journal 3/16/05