Posts Tagged Predatory Lending
Federal judge gives preliminary settlement approval for online predatory lending victims
Posted by Nick Gilmore in Virginia's News on May 13, 2022
The World Wide Web can be a fraught place, especially for people looking for quick cash. As Michael Pope reports, all kinds of companies are trying to skirt Virginia’s law against predatory lending.
State lawmakers are working to regulate predatory small business loans
Posted by Nick Gilmore in Virginia's News on January 31, 2022
Lawmakers are considering a bill that would regulate a currently unregulated set of business loans that some say are predatory. Michael Pope reports.
Predatory Lending Takes Center Stage in Dem. AG Primary
Posted by Nick Gilmore in Virginia's News on May 17, 2021
Candidates in the Democratic primary for attorney general are clashing over predatory lending. Michael Pope reports.
Northam Wants to Speed Up Timeline for Predatory Lending Protections
Posted by Nick Gilmore in Virginia's News on April 17, 2020
Credit: Taber Andrew Bain / Creative Commons
Lawmakers are about to consider a significant change to legislation aimed at cracking down on predatory lending. As Michael Pope reports, an amendment from the governor will speed up the timeline.
With Key Vote Looming on Predatory Lending Restrictions, Some Are Worried About New Loopholes
Posted by Nick Gilmore in Virginia's News on February 10, 2020
Lawmakers in Richmond are trying to crack down on high-interest loans. But, advocates against predatory lending are concerned about new loopholes that might be created in the process. Michael Pope has details.
Full Virginia House and Senate to Soon Consider Reigning In Car Title and Payday Lenders
Posted by Nick Gilmore in Virginia's News on January 28, 2020
Virginia may be on the verge of losing car-title lenders and payday lenders. But, as Michael Pope reports, several other low-interest lending companies may be moving in to take their place — if lawmakers take action to prevent high-interest lending.
Could This Be the Year Virginia Lawmakers Crack Down on Predatory Lenders?
Posted by Nick Gilmore in Virginia's News on January 24, 2020
Delegate Lamont Bagby of Henrico County has legislation that would drastically reduce the interest limit on car title and payday loans. (Credit: Creative Commons)
Legislation aimed at reigning in high-interest loans will get attention in the state Senate Monday. Michael Pope reports.
Despite Democratic Control, Reigning in Predatory Lenders May Still Be Difficult
Posted by Nick Gilmore in Virginia's News on December 11, 2019
Credit: NPR
Some are hoping this will finally be the year that lawmakers crack down on high-interest lenders now that Democrats are taking control of the General Assembly. Michael Pope reports.
Virginia Congressman Fights for the CFPB
Posted by Nick Gilmore in Virginia's News on March 29, 2018
Congressman Don Beyer speaks in front of the Consumer Protection Bureau. (Credit: Michael Pope)
Since the election of President Trump in 2016, efforts to crack down on predatory lending in Washington have all but ended. That’s causing a fair amount of concern among people who oppose high interest rates. Michael Pope reports.
Following The Money From High-Interest Lenders To Lawmakers
Posted by Nick Gilmore in Virginia's News on November 1, 2017
LoanMax is the most generous high-interest leader lender, giving about $350,000 this election cycle. (Credit: Michael Pope)
Companies that offer high-interest loans are fighting back against efforts to reform their industry, and part of that effort involves writing checks to political campaigns. Michael Pope reports.
Attorney General and Lawmakers Target High-Interest Loans
Posted by Nick Gilmore in Virginia's News on September 28, 2017
Teena Hamlin stands outside the Allied Cash Advance in Richmond where she took out a loan in a moment of desperation. (Credit: Michael Pope)
For people who are really hard up for quick cash, reading the fine print of a contract is not always the top priority. That’s how many businesses thrive, charging interest rates in the hundreds to desperate consumers and trapping them in a cycle of debt. Now some elected officials are fighting back. Michael Pope reports.
The Ongoing Efforts to Regulate Online Loans in Virginia
Posted by Nick Gilmore in Virginia's News on August 25, 2017
Delegate Mark Levine, D-Alexandria, is part of a group that is hoping to impose new regulations on the online lending industry in Virginia. (Credit: AP Photo / Steve Helber)
No job? No credit? No problem, borrowers can go online to get a loan — and pay five thousand percent interest. But, as Michael Pope reports, that era might be coming to a close.
Virginia Lawmakers Seek to Tame the Wild West of Online Lending
Posted by dmjones101 in Virginia's News on July 21, 2017
The internet has upended the recording industry, the newspaper industry and the hotel industry. Now state regulators are looking at how to handle the latest industry to go online — cheap and easy high-interest loans. Michael Pope has details.
$15 Million Settlement in Tribe-For-Hire Scam
Posted by Nick Gilmore in Virginia's News on January 31, 2017
Virginia’s Attorney General Mark Herring settled the landmark case this week. (Credit: Manuel Balce Ceneta / AP)
More than 15,000 victims of a predatory lending scheme in Virginia are having their loans absolved and receiving cash awards. That’s thanks to a $15 million settlement agreement approved in federal court in Richmond this week, one of the largest of its kind in history. Michael Pope has the story.
State Lawmakers to Consider Options on How to Stop Predatory Lending
Posted by Nick Gilmore in Virginia's News on January 27, 2017
Credit: frankieleon / Creative Commons
Lawmakers in Richmond are taking action that could result in a crackdown on high-interest loans many consider predatory. Michael Pope reports.
Lawmakers Want to Limit Fees From Payday Advance Companies
Posted by Nick Gilmore in Uncategorized on January 20, 2017
Lawmakers want to limit the amount of fees a company like Advance Till Payday can impose on people who take out a loan. (Credit: frankieleon / Creative Commons)
Lawmakers in Richmond are considering a bill that would crack down on fees attached to loans that critics call predatory. Michael Pope has the story.
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