Internet payday lending has increased significantly over the last decade and the industry continues to evolve to skirt state regulations. Payday lending is a predominately state regulated field and the federal government has not widely addressed the issue. However, a new development in internet lending poses significant risks to consumers.  It has been referred to […]

The Dodd-Frank Wall Street Reform and Consumer Protection Act created the Consumer Financial Protection Bureau (CFPB) to monitor and supervise fringe creditors, study fringe markets, and promulgate rules relating to fringe banking transactions. Under these powers, the CFPB can regulate the fringe banking industry which includes payday lending. Here are some of the arguments for […]

Payday loans are short-term loans for immediate cash, typically secured by a borrower’s written check or authorization for automatic withdrawal from the borrower’s bank account. Many payday lenders make money by trapping borrowers in a cycle of repeated transactions, where borrowers are forced to pay high fees every two weeks just to keep an existing […]