Financial Reform

This opportunity doesn’t come around very often: we have a chance to stop the payday loan debt trap. Submit a public comment in favor of a strong payday loan rule here.

Payday Loan Expansion Stopped

In July 2015, after WISPIRG convened a coalition of 30 groups to call for action, Gov. Scott Walker vetoed budget provisions that would have dramatically expanded payday lenders’ authority to sell predatory financial products to Wisconsin consumers. Payday loans trap consumers in a spiral of growing debt with detrimental impacts, particularly for low-income borrowers.

Payday Loan Expansion Stopped

In July 2015, after WISPIRG convened a coalition of 30 groups to call for action, Gov. Scott Walker vetoed budget provisions that would have dramatically expanded payday lenders’ authority to sell predatory financial products to Wisconsin consumers. Payday loans trap consumers in a spiral of growing debt with detrimental impacts, particularly for low-income borrowers.

Report | WISPIRG Foundation | Financial Reform

Predatory Loans & Predatory Loan Complaints

This is the seventh in a series of reports that review complaints to the CFPB. In this report we explore consumer complaints about predatory loans, categorized in the database as payday loans, installment loans, and auto title loans. This is our first report to incorporate an analysis of consumer narratives or written explanations of problems—an addition to the database we advocated for with Americans for Financial Reform and achieved last year.

Resource | Financial Reform

Wisconsin Organizations Comment on CFPB Payday Loan Rule

25 Wisconsin organizations call for stronger protections against predatory lending in a letter addressed to the CFPB.

News Release | U.S. PIRG | Financial Reform

Privacy, Consumer Groups Critical of Facial Recognition Report

We've joined leading privacy and consumer advocates in a news release sharply critical of a supposed "best-practices" report released today by the Telecommunications and Information Administration (NTIA) concerning privacy and facial recognition technology. While the report purports to be the product of a "multi-stakeholder" process, all the leading privacy and consumer stakeholders dropped out of the skewed proceedings many months ago, as the release explains. It concludes: "There is much more lacking in these “best practices,” but there is one good thing: this document helps to make the case for why we need to enact laws and regulations to protect our privacy."

News Release | WISPIRG Foundation | Consumer Protection, Financial Reform

National Payday Lending Rule Could Protect Wisconsinites from Predatory Loans

Today, the federal Consumer Financial Protection Bureau (CFPB) unveiled a proposal for a new national rule on payday and car title lending that has the potential to protect Wisconsinites from predatory high-interest loans. At a press conference in Eau Claire, consumer advocates joined faith and community leaders to highlight the harms of payday lending in Wisconsin. WISPIRG, the interfaith organization JONAH, and Citizen Action also underlined the importance of a strong federal rule to rein in abusive lending practices, and urged the CFPB to prevent loopholes from weakening the rule.

News Release | WISPIRG Foundation | Consumer Protection, Financial Reform

Faith Leaders, Advocates Release New Fact Sheet Detailing the Impact of Payday Lending on Wisconsinites

Faith leaders and consumer and low-income advocates participated in a joint press conference call to detail the harms of payday and high-interest loans on individuals, families and communities across the state.

Report | WISPIRG Foundation | Consumer Protection, Financial Reform

Stop Payday Predators

Payday loans are among the most predatory forms of credit on the market. Though they are marketed as having “reasonable” fees or charges, typical interest rates exceed 300 percent. And because the payday lenders’ bottom line actually depends on borrowers’ inability to repay — most payday fees come from borrowers who take out more than 10 loans a year — they target people with low incomes and no other options.

We oppose latest effort to weaken CFPB, other bank regulators

By | Ed Mierzwinski
Consumer Program Director

Today, the House Financial Services Committee holds its latest cattle-call markup of a package of industry-backed bills designed to weaken consumer, taxpayer, depositor and investor protections. We've signed a letter opposing the so-called TAILOR (Taking Account of Institutions with Low Operation Risk) Act, which piles redundant requirements onto the Consumer Financial Protection Bureau and other regulators to do what they already do by existing law--treat small banks and credit unions differently than mega-banks. Also, the PIRG-backed Americans for Financial Reform sent up a letter opposing the TAILOR Act and 6 more of the 10 bills on the agenda because they are designed to weaken consumer, taxpayer, depositor and investor protections.

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