News & Events

ABC4 Utah — For the first time in more than decade California based Wells Fargo held its shareholder’s meeting out of state in Salt Lake City. Critics say they are trying to run from opposition, so the protestors followed them here to Utah.

Post Star News — Assembly Speaker Sheldon Silver, Judiciary Committee Chair Helene Weinstein and Codes Committee Chair Joseph Lentol announced the passage of the Consumer Credit Fairness Act to protect working families, domestic violence victims, seniors and low-income New Yorkers from overly aggressive debt collection practices.

Daily News — Check-cash stores across the city want to offer a new kind of loan that would charge borrowers the equivalent of up to 200% interest, critics say — eight times the current limit set by state law.

NPR Marketplace — JPMorgan Chase has announced new policies to limit the ability of online payday lenders to access bank customers’ accounts in order to withdraw improper or unwanted automatic payments.

New York Times — Gov. Andrew Cuomo of New York has warned debt collectors that they could face legal sanctions if they try to collect predatory loans that violate the state’s usury law, which prohibits loans with interest rates above 25 percent.

Time.com — Consumers who use online payday lenders may be taken advantage of twice: first, by the lenders’ triple-digit interest rates that flout state caps, then with fees tacked on by the borrowers’ own banks.

The Guardian — I have a friend who is quite rich. Like a lot of rich people, he’s very careful with his money, by which I mean that he’s constantly shifting it around to make sure it’s maximizing its potential.

Mint Press — The battle over payday loan operations is growing, as America’s largest banks engage with the service, providing the link needed to debit accounts, even in states where payday loan operations are banned.