A role for payday lenders

Banking Law Journal

Volumn 123, Issue 3, 2006, Pages 235-248

  Cicconi, Chad A ^a  

^a Complex Civil Litigation Practice Group of Thorp Reed and Armstrong ^*  (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 33845636605     PISSN: 00055506     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Review

References (61)

1. Predatory Payday Lending Traps Desperate Borrowers, Center for Responsible Lending, http://www.responsiblelending.org/pdfs/2b002-payday.pdf, April 2004.
2. Facts and Fiction, Community Financial Services Association of America, http://www.cfsa.net/genfo/igeninf.html, March 18, 2005.
3. FDIC Guidelines for Payday Lending, www.fdic.gov, July, 2003;
4. Remarks of FDIC Director Thomas J. Curry, Women in Housing and Finance, September 30, 2004;
5. FDIC Revises Payday Lending Guidelines, Press Release, www.fdic.gov, March 2, 2005;
6. OCC Advisory Letter 2000-9, August 29, 2000;
7. OCC Advisory Letter 2000-10, November 27, 2000.
8. CFSA, States Respond to Emerging Industry, www.cfsa.net, 2003.
9. FDIC Update on Emerging Issues in Banking: Payday Lending, www.fdic.gov, January 29, 2003;
10. Internet Payday Lending: How High-priced Lenders Use the Internet to Mire Borrowers in Debt and Evade State Consumer Protections, Jean Ann Fox, Anna Petrini Consumer Federation of America, http://www.consumerfed.org/ Internet_Payday_Lending113004.PDF, November 30, 2004.
11. Payday Advance Industry Overview, Consumer Federation of America http://www.cfsa.net/govrelat/PaydayAdvanccIndustryOverview.htm, March 18, 2005.
12. http://www.paydaylendinglaw.com/definitions.asp.
13. No Cash 'Til Payday: The Payday Lending Industry, Robert W. Snarr, Jr., Consumer Compliance & CRA Unit, First Quarter 2002.
14. Id.
15. Id.
16. Internet Payday Lending: How High-priced Lenders Use the Internet to Mire Borrowers in Debt and Evade State Consumer Protections, Jean Ann Fox, Anna Petrini Consumer Federation of America, http://www.consumerfed.org/- Internet_Payday_Lending113004.PDF, November 30, 2004.
17. Take Interest in Closing Payday Loan Operations, Center for Responsible Lending, December 8, 2003, http://www.responsiblelending.org/news_headlines/ atljourcon-st120803.cfm.
18. Banking on the Fringe, Joe Mahon Federal Reserve Bank of Minneapolis, http://www.cfsa.net/govrelat/pdf/Payday%20Advance%20Customer%20Profile.pdf, Fedgazette 2004.
19. Payday Lending: A Business Model that Encourages Chronic Borrowing, Stegman and Faris, Economic Development Quarterly, Vol 17, No. 1.
20. Id.
21. JP Morgan, Banks Back Lenders Luring Poor with 780 Percent Rates, Robinson and Henkoff, www.Bloomberg.com, November 23, 2004.
22. Payday Lending: A Business Model that Encourages Chronic Borrowing, Stegman and Faris, Economic Development Quarterly, Vol 17, No. 1.
23. Banking on the Fringe, Joe Mahon, Federal Reserve Bank of Minneapolis, http://www.cfsa.net/govrelat/pdf/Payday%20Advance%20Customer%20Profile.pdf, Fedgazette 2004.
24. Drilling Down Into Financial, Leerskov, a Stephens Inc. research department profile, Buyside Magazine, 2005.
25. Consumer Compliance & CRA Unit, No Cash 'Til Payday: The Payday Lending Industry, Robert W. Snarr, Jr., First Quarter 2002.
26. Stegman and Faris, Payday Lending: A Business Model that Encourages Chronic Borrowing, Economic Development Quarterly, Vol 17, No. 1 (Feb. 2003):
27. Consumer Compliance & CRA Unit, No Cash 'Til Payday: The Payday Lending Industry, Robert W. Snarr, Jr., First Quarter 2002.
28. No Cash 'Til Payday: The Payday Lending Industry, Robert W. Snarr, Jr., Consumer Compliance & CRA Unit, First Quarter 2002.
29. Massachusetts Cracks Down on Payday Loans, Center for Responsible Lending, February 9, 2005.
30. Payday Lending, National Conference of State Legislatures, http://www.ncsl.org/programs/banking/paydaylend-intro.htm, January 14, 2005.
31. Payday Loans = Costly Cash, Federal Trade Commission, http://www.ftc.gov/bcp/conline/pubs/alerts/pdayalrt.htm, February 2000.
32. Court Halts Illegal Payday Loan Scheme, Press Release from the Office of New York State Attorney General Eliot Spitzer, January 24, 2005.
33. Judge Calls Catalog Outlet a Usurer in Disguise, The New York Times, January 26, 2005,
34. Diana B. Henriques., Catalog Store Owners in Trouble over 'Payday' Loans, Saratogian,.com, January 25, 2005, Jim Kinney.
35. No Cash 'Til Payday: The Payday Lending Industry, Robert W. Snarr, Jr., Consumer Compliance & CRA Unit, First Quarter 2002.
36. Pennsylvnaia Maximum Interest Rate Law, 41 P.S. § 101, et seq.
37. http://uspirg.org/reports/rentabank/Paydayreportnov13.PDF.
38. No Cash 'Til Payday: The Payday Lending Industry, Robert W. Snarr, Jr., Consumer Compliance & CRA Unit, First Quarter 2002.
39. Id.
40. Id.
41. Id.
42. OCC Advisory Letter 2000-9, August 29, 2000;
43. OCC Advisory Letter 2000-10, November 27, 2000, regarding Payday Lending.
44. OCC Fact Sheet: Eagle National Bank Consent Order, July 3, 2002.
45. FDIC Guidelines for Payday Lending, www.fdic.gov, July, 2003;
46. Remarks of FDIC Director Thomas J. Curry, Women in Housing and Finance, www.fdic.gov., September 30, 2004.
47. See Milner, Letter from Conference of State Bank Supervisors to Director of FDIC, March 18, 2003 (commenting on draft FDIC guidelines for scrutiny on payday lenders).
48. FDIC Guidelines fir Payday Lending, www.fdic.gov, July, 2003.
49. FDIC Revises Payday Lending Guidelines, www.fdic.gov., March 2, 2005.
50. Subprime Mortgage Lending and Older Borrowers, Neal Walters and Sharon Hermanson, http://research.aarp.org/consume/dd57_lending.html, March 2001.
51. Id.
52. Consumer Advocate Perspective, William J. Brennan, Jr. http://www.frbatlanta.org/invoke.cfm?objectid = DC6ADB03-8061-11D5- 897D00609459DBE6&method=display, Summer 2000.
53. Id.
54. Predatory Lending: Subprime lenders trick homeowners into expensive loans, Dollars and Sense, Jeanette Bradley and Peter Skillern, January/February 2000 http://www.nhi.org/online/issues/109/bradley.html.
55. Subprime Markets, the Role of GSEs, and Risk-Based Pricing, Kenneth Temkin, Jennifer E. H. Johnson Diane Levy, March, 2002 http://www.huduser.org/ Publications/pdf/subprime.pdf.
56. FTC Charges that Sub-Prime Lenders Misrepresented Loan Terms to Consumers, http://www.ftc.gov/opa/2000/10/firstalliancc.htm October 4, 2000;
57. Lenders Are Required to Disclose Terms For Bad Credit Loans, http://bad-credit.interest.com/content/trends/hepact1994.asp, March 18, 2005;
58. Subprime Lending, Predatory Lending, and the Community Reinvestment Act Obligations of Banks, Richard D. Marisco, March 20, 2003, http://www.nyls.edu/ pdfs/v46n3-4p735-748.pdf.
59. Subprime Markets, the Role of GSEs, and Risk-Based Pricing, Kenneth Temkin, Jennifer E. H. Johnson Diane Levy, March, 2002 http://www.huduser.org/ Publications/pdf/subprime.pdf.
60. Id.
61. See, e.g. Payday Lending, Stegman and Faris, supra.