Consumer Federation of America launches payday loan information website

May 4, 2006 - Washington, D.C.

The Consumer Federation of America (CFA) launched a web site intended to, in their words "Help consumers and policymakers combat extremely expensive check-based lending."

CFA is no friend of business. The views of the group's director, Jean Ann Fox, against the profit motive are well known and extreme. CFA is opposed to payday lending and has lobbied for it's ban. In addition, Jean Ann Fox has testified before congress seeking to ban rent-to-own, check cashing, pawn and seemingly any other business that markets to un-banked consumers.

That being said, the new website does contain some valuable information for consumers and payday loan companies. The site features laws regulating payday lending in all states, as well as links to appropriate state licensing and regulatory bodies.

News Source

RTO Online, Staff Writer

Related Link

A link to the CFA's new site was added to the PLIWatch.org links page.

Related Stories - Washington D.C.

• Lawmakers urge payday loan alternatives [December 8, 2006]
• Extend loan interest cap to all, lawmaker says [December 7, 2006]
• President caps payday loan rates to military personnel at 36 percent [October 18, 2006]
• Lawmakers agree on 36 percent payday loan cap [September 21, 2006]
• Breaking the cycle of the payday loan 'trap' [September 19, 2006]
• Senators consider payday loan limits, criticize industry [September 16, 2006]
• Testimony: Defense Department predatory lending report seriously flawed [September 14, 2006]
• Payday lender plan could nix profit from military [September 13, 2006]
• On payday, many GIs pay back [September 10, 2006]
• Talent renews push for cap on payday loan interest rates [September 7, 2006]
• Pentagon sees risk in troops' loan debt [August 31, 2006]
• Pentagon backs effort to cap interest rate on 'payday loans' [August 15, 2006]
• 'Payday' loans become target in Washington [August 3, 2006]
• CFA launches payday loan information website [May 4, 2006]
• US troops screwed by loan shark companies [February 1, 2006]

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