November 15, 2023
CFPB Fines Repeat Offender Enova $15 Million for Violating Order, Deceiving Customers, and Withdrawing Funds Without Consent
CFPB Press Release | November 15, 2023
"Online lender banned from offering certain short-term loans, required to link executive compensation with legal compliance". Note: Enova's NetCredit-branded subsidiary is on our Rent-A-Bank Lenders in AZ list.
August 9, 2023
CFPB Returned Over $240M to Harmed Consumers in 10 States Home to Lawmakers Beholden to Financial Industry
Press release from Accountable.US | August 9, 2023
"A new report from government watchdog Accountable.US shows much stolen money was returned by the Consumer Financial Protection Bureau’s ‘Civil Penalty Fund’ for consumers in 10 states who fell victim to fraudulent or predatory financial industry behavior." The states highlighted in the report are AZ, KY, MI, MO, NC, NY, PA, SC, TX, WI.
The full report includes this on the first page.
"Arizona: The CFPB returned over $12.2 million in funds to 20,502 Arizonans from 2012 to 2022."
June 22, 2023
The fourth leading cause of death in the US? Cumulative poverty
Article by Reverend William Barber and Gregg Gonsalves | The Guardian, June 22, 2023
"We hear so much about crime rates, opioids, and gun violence in America, but so little from our elected leaders about the poverty crisis" and
Poverty is the 4th greatest cause of U.S. deaths
the underlying research report by David Danelski | University of California, Riverside, April 17, 2023
"Only heart disease, cancer, and smoking were associated with a greater number of deaths, UCR study finds"
June 15, 2023
The Debt Trap Drives the Fee Drain: Payday and Car-Title Lenders Drain Nearly $3 Billion in Fees Every Year
"In the 31 states that allow for single-payment and payday installment loans, these loans drain more than $2.2 billion in fees each year from borrowers who have an average annual income of approximately $25,000. Car-title loans drain more than $700 million in fees annually from people in 17 states. Together, these predatory loan products drain nearly $3 billion annually."
June 5, 2023
Predatory Lending’s Prey of Color
Article by Ramenda Cyrus | The American Prospect, June 5, 2023
"Black and Latino borrowers are more likely to get trapped in cycles of debt, because they have few other options for dealing with structural poverty."
May 25, 2023
Buy Now, Pay Later: A Case Study for a Digital Finance Standard
Executive Summary and Key Findings | Consumer Reports, May 25, 2023
"Buy now, pay later (BNPL) products are an extremely fast-growing form of lending that typically enables consumers to split the cost of retail goods or services into four or more periodic payments, with the first payment due immediately."
"This study builds on Consumer Reports’ recent examination of peer-to-peer (P2P) payment apps in using a subset of the principles articulated in CR’s Fair Digital Finance Framework to evaluate BNPL products."
April 7, 2023
Adding Fuel to the Fire: OppFi Hurts, Does Not Help, Borrowers’ Credit Health
Research publication | CRL, April 7, 2023
"Although OppFi’s stated mission is to 'empower everyday consumers to rebuild their financial health,' OppFi is a legacy subprime lender. The company uses a rent-a-bank scheme to evade consumer protections and charge customers triple-digit interest rates on its personal installment loan product." See the Factsheet
Burned Borrowers: A Look at the Experiences of OppFi Customers
Research publication | CRL, April 7, 2023
"Their marketing suggests they are providing an essential service to the credit and income constrained; their products, however, carry triple-digit Annual Percentage Rates (APRs). Public filings reveal a business model built around high levels of delinquency and default." See the Factsheet
Mar 17, 2023
California to Regulate Fintech Payday Loans
NCLC Press Release, March 17, 2023
"Junk fees, “tips” obscure APRs over 300% on earned wage advances, nonbank banking apps, and other fintech payday loans"
Feb 23, 2023
CFPB Orders TitleMax to Pay a $10 Million Penalty for Unlawful Title Loans and Overcharging Military Families
CFPB Press Release | February 23, 2023
"Repeat offender doctored information, ignored military protection law, and levied fees for useless products"
Feb 07, 2023
New Angles in Challenging Rent-a-Bank Schemes
by Lauren Saunders, NCLC | Feb. 07, 2023
"This article focuses on less-known angles to challenge rent-a-bank schemes, based on the reality that federal preemption available to bank-originated credit is not so extensive as many predatory lenders and banks assume. When their assumptions are wrong, consumers may have powerful remedies to rectify predatory lending practices."
Jan 24, 2023
Six of The Eight Largest Banks Now Offer Affordable Small Loans
By: Alex Horowitz & Gabriel Kravitz, The PEW Charitable Trusts | January 24, 2023
"The consumer-friendly moves provide savings to customers over costly lenders"
Nov 14, 2022
How Title Lenders Trap Poor Americans in Debt With Triple-Digit Interest Rates
by Margaret Coker, The Current, and Joel Jacobs, ProPublica, with research by Mollie Simon, ProPublica | Nov. 14, 2022
Nov 10, 2022
Arizona Proposition 209 Election Results: Reduce Medical Debt
New York Times | Nov 10, 2022
Oct 26, 2022
Arizona measure could be a model for Democrats nationwide
"The November measure comes as health care advocates at the state level grapple with how to help residents with the rising costs of health care now that it appears Congress will be unable to pass any significant reforms to address the issue. Arizona voters could approve a measure designed to stop creditors from gouging people with medical bills. Other states are taking notice."
By Megan Messerly, Politico | Oct 26, 2022
Oct 23, 2022
A wonky Arizona ballot measure could unlock a new path to easing medical debt
By Dylan Scott | Vox | Oct 23, 2022
"Is going straight to voters the way to fix America’s medical debt crisis?"
Oct 9, 2022
Prop 209 protects Arizona families with crushing medical debt — like mine
"You might believe that your family is economically secure, but an unexpected diagnosis with a chronic disease or a sudden medical emergency can cost you tens of thousands of dollars out-of-pocket — even if you have insurance — and predatory debt collectors will take everything from you to pay for it."
Sep 26, 2022
The Persistent Harms of High-Cost Installment Loans
Unsafe Harbor: The Persistent Harms of High-Cost Installment Loans | CRL, September 26, 2022
Sunny Glottmann, Charla Rios, Pete Smith
Sep 16, 2022
Medical debt is on the November ballot in Arizona
Arizona is trying to take on medical debt with a ballot initiative
The Washington Post | Analysis by Rachel Roubein with research by McKenzie Beard | Sep 16, 2022
"A measure to crack down on medical debt collection is on the ballot in Arizona this fall — a first-of-its kind initiative that, if successful, states across the country may seek to replicate."
May 17, 2022
REPORT: EasyPay Partnered With Auto Repair Conglomerates To Profit Off Predatory "Triple-Digit" Interest Loans
Press Release | Accountable.us, May 17, 2022
"WASHINGTON, DC — A new report from government watchdog Accountable.US reveals that several of the country’s largest auto repair conglomerates have partnered with EasyPay Finance to issue predatory, high interest loans – including Big O Tires, Driven Brands, and FullSpeed Automotive."
---> related to the update of May 11, 2022 below <---
May 11, 2022
New Report and Consumer Alert Flag Deceptive Auto Repair Financing Practices
Press Release | NCLC, May 11, 2022
"Deceptive Auto Repair Financing Practices" | Consumer Alert from NCLC, May 2022
"Predatory Auto Repair Loans By TAB Bank and EasyPay Finance" | Report from Stop The Debt Trap, May 2022
"National auto repair chains like AAMCO, JiffyLube, Meineke, and Midas, and local repair shops are steering customers to predatory lenders engaged in deceptive and abusive practices, charging up to 189% APR"
Note: The report from Stop The Debt Trap lists eight stories stories from Arizona consumers caught in predatory auto repair loans from EasyPay Finance
March 3, 2022
New Mexico Governor caps interest rates on storefront loans
CEI Consumer Advisory | March 3, 2022
"New Mexico Gov. Michelle Lujan Grisham on Tuesday March 1, signed House Bill 132, reforming predatory lending practices by lowering the cap on small loan interest rates from 175% to 36%."
April 26, 2021
Cynthia Zwick, Kelly Griffith: Ending poverty
Opinion by Cynthia Zwick (Wildfire) and Kelly Griffith (CEI) | News Herald at Havasunews.com, April 26, 2021
April 22, 2021
Congress Must Overturn OCC’s ‘Fake Lender’ Rule: Payday Lenders Benefit, Consumers Lose
Opinion by Lauren Saunders & Lisa Stifler | Morning Consult, April 22, 2021
"If Congress doesn’t act soon to repeal a rule by the Office of the Comptroller of the Currency, the floodgates will be open for predatory lending in all 50 states and the District of Columbia."
April 21, 2021
Zwick/Griffith: Senators must protect borrowers
Opinion by Cynthia Zwick (Wildfire) & Kelly Griffith (CEI) | Anthem Independent, April 21, 2021
April 9, 2021
Local advocacy groups call on Arizona legislators to fix lending laws
"Officials from the Phoenix-based group Wildfire and the Center for Economic Integrity say proposed national legislation could halt triple-digit interest rates that get passed onto consumers on short-term loans such as advances given in exchange for a car titles."
Article by Brent Ruffner | Daily Independent, April 9, 2021
March 29, 2021
Congress to Introduce Resolution Rescinding “Fake Lender” Rule Enabling Predatory Lenders to Evade Arizona’s Interest Rate Limits
"Wildfire and the Center for Economic Integrity applaud plans by Senators Chris Van Hollen (D-MD), Sherrod Brown (D-OH) and Congressman Chuy García (IL-4) to introduce Congressional Review Act (CEA) resolutions eliminating a Trump-era regulation that helps lenders charging 179% APR or more evade state- and voter-approved interest rate caps."
Press Advisory | Wildfire and the Center for Economic Integrity, March 29, 2021
Read our 2020 News here.
Read our 2019 News here.