Topic: Predatory Loans

Installment loans not the answer to financial hardship

Oklahoma consumers should be aware of the potential dangers of these new installment loans. Just like the payday loans they replace, they are designed to trap borrowers in long-term debt. [More...]

Joint Statement: Installment loan bill needs improvement to protect Oklahomans from financial harm

For Immediate Release Oklahoma Policy Institute along with a coalition of Oklahoma organizations and individuals released this joint statement on a bill that would allow a new high-cost lending product in Oklahoma: Last month, the Oklahoma Senate passed a bill,… Read more [More...]

Rules to protect payday loan customers are under attack…again

In the fall of 2017, the Consumer Financial Protection Bureau (CFPB) issued new rules to protect payday loan customers from some of the most harmful practices in that industry. But now the same federal agency that issued the rule has announced plans to scrap important provisions of it, leaving many consumers unprotected. The good news is that this proposal to roll back the payday rule is still just a proposal. Before this proposal can be finalized, the agency must first allow for public comments, and you can easily submit one. [More...]

Statement: Consumer Financial Protection Bureau reversal of rules protecting consumers from payday debt trap will harm Oklahomans

Last week the Consumer Financial Protection Bureau (CFPB) proposed to reverse their own rule, issued in 2017, protecting consumers from the harms of predatory lending, despite the lack of new evidence that the rule needs to be reconsidered. Oklahoma Policy Institute opposes this proposed repeal and strongly urges the CFPB to allow the 2017 rule to take effect as scheduled later this year. Oklahomans are depending on these promised protections. [More...]

New economic rankings show Oklahoma falling further behind

There are quite a few reasons to be optimistic about Oklahoma this year. Unemployment is low and the state expects to have a budget surplus this year, the first in quite some time. But despite this good news, too many Oklahomans are still struggling to make ends meet and build a better future for themselves and their families. For the third straight year, Oklahoma has dropped in the Prosperity Now Scorecard rankings. This year, we rank 43rd in the financial health and overall well-being of our residents - that's down from 34th in 2016. [More...]

2019 Priority: Improve regulation and prevent expansion of predatory lending

Download this fact sheet as a printable PDF here. Download key points on stopping the debt trap here. Read about the rest of OK Policy’s 2019 Legislative Policy Priorities here. Payday loan storefronts are a common sight in much of… Read more [More...]

New protections for payday loan borrowers are under attack

Last fall, we told you about new rules issued by the Consumer Financial Protection Bureau (CFPB) that would protect payday loan customers from some of the most abusive practices in that industry. These new rules, scheduled to be enforced in mid-2019,… Read more [More...]

New protections for payday loan borrowers are coming (if Congress will stay out of the way)

After years of research and public consultation, the Consumer Financial Protection Bureau this month issued a final rule to create new protections for payday loan borrowers. These new protections are a necessary and positive first step in eliminating the debt… Read more [More...]

Congress is trying to strip away Americans’ protections from predatory lending

Last month, Governor Fallin made the right choice when she vetoed HB 1913 – a bill that would have expanded predatory lending in Oklahoma. In her veto message, Fallin pointed out that Oklahomans frequently take out high-interest loans at a… Read more [More...]

If predatory lending is restricted, Oklahomans will find better alternatives

Whenever advocates argue for stronger regulation of payday loans or for preventing the introduction of new high-cost loans, defenders of the high-cost loan industry commonly argue that without these products, Oklahomans would either turn to loan sharks or be left… Read more [More...]