WASHINGTON, May 3, 2012 — /PRNewswire-USNewswire/ — The following is a news release by National Consumer Law Center: #xA0;

The payday lender CheckSmart is using bank-issued prepaid cards to evade state payday laws and today a coalition of consumer groups urged the national bank regulator, the Office of the Comptroller of the Currency (OCC), to stop the practice, citing potential legal hurdles and conflicts with the national bank charter.#xA0; Community Choice Financial, Inc., (CCFI) which owns CheckSmart (www.checksmartstores.com) and also uses the Buckeye name, has an initial public offering (IPO) of stock scheduled for May 8. For a full list of CCFI subsidiaries, visit www.ccfi.com and click on our brands.

In a letter sent to the OCC today, more than two dozen national and state civil rights, consumer, and community groups urged the national banking regulator to stop Florida-based Urban Trust Bank from issuing prepaid cards sold by the payday lender CheckSmart in Arizona, Ohio, and other states where CheckSmart cannot legally make the loans directly. Prepaid cards and payday loans just dont mix, said Lauren Saunders, managing attorney at the National Consumer Law Center.#xA0; Prepaid cards should be safe alternatives to bank accounts, not vehicles for evading state law with predatory loans that trap people, often those with the least means, in a spiral of debt.

When Arizonas 36% rate cap took effect in 2010, CheckSmart started offering payday loans on prepaid cards at an annual rate of more than 390%.#xA0; The cards are issued by Urban Trust Bank, and the card program is managed by Insight LLC, which CheckSmart partly owns.

Arizona voters refused to let payday lenders continue to operate in the state, said Kelly Griffith, co-executive director at the Center for Economic Integrity in Arizona, but CheckSmart will hide under the covers with help from Urban Trust Bank.

CheckSmart has also started offering prepaid card payday loans in Ohio, where voters approved a 28% rate cap in 2008. Ohio voters soundly endorsed our 28% rate cap, yet CheckSmart has been persistent in finding ways to violate it, and these prepaid cards are a blatant evasion of the rate cap, said David Rothstein, project director at Policy Matters Ohio.

Loans on prepaid cards may seem to be a contradiction in terms, but CheckSmarts Insight Cards have two different loan features. Consumers who have their public benefits or wages directly deposited onto the cards can enroll in overdraft protection at a cost of $15 per $100 overdraft, or they can take an advance of their income at a rate of $14 per $100 plus 35.9% interest.#xA0; The loans are repaid immediately upon the next direct deposit, resulting in an annual rate of 390% to 401% for a two-week loan.

Banks simply should not be in the business of facilitating payday lending, which just leads cash-strapped consumers into a cycle of debt, added Jean Ann Fox, director of financial services at the Consumer Federation of America.

We urge the OCC to crack down on Urban Trust Bank for facilitating this deceit, which is an abuse of the national bank charter, concluded NCLCs Saunders.#xA0;

The coalition letter to the OCC; a legal analysis #xA0;and related exhibits#xA0; to the OCC from the National Consumer Law Center, the Center for Responsible Lending, and the Consumer Federation of America; #xA0;and an Issue Brief on prepaid card payday loans are available at www.nclc.org.

Since 1969, the nonprofit National Consumer Law Center#xAE; (NCLC#xAE;) has worked for consumer justice and economic security for low-income and other disadvantaged people, including older adults, in the US through its expertise in policy analysis and advocacy, publications, litigation, expert witness services, and training.

The Center for Economic Integrity engages in research, education and advocacy to strengthen local economies by mobilizing and protecting marginalized people, holding corporations and industries accountable to communities and cultivating support for good business practices.

The Consumer Federation of America (CFA) is an association of nearly 300 non-profit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education.

Policy Matters Ohio is a non-profit, nonpartisan policy research organization founded in January 2000 to broaden the debate about economic policy in Ohio.#xA0; Our mission is to create a more prosperous, equitable, sustainable and inclusive Ohio, through research, media work and policy advocacy.

SOURCE National Consumer Law Center

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The Board of Supervisors passed an ordinance this week that blocks payday lenders and check cashing businesses from opening new branches in the unincorporated areas of Santa Clara County.

#13;

Payday lenders and check cashing outlets act as an alternative to traditional banks by offering short-term loans and can charge effective interest rates of up to 460 percent, county officials said.

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Board of Supervisors President George Shirakawa said they passed the ordinance Tuesday because such lenders are predatory, and target low-income residents.

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According to the Center for Responsible Lending, such lending businesses are disproportionately located in African-American and Latino neighborhoods, county officials said.

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Supervisor Mike Wasserman, a Los Gatos resident and former mayor, said that he believes such payday loans only drive borrowers deeper into debt.

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The high rates of interest charged by payday lenders entangle borrowers in a vicious cycle, Wasserman said.

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The board made the decision to ensure that payday lending and check cashing businesses do not move into the unincorporated county areas if San Jose and other cities also pass similar ordinances, according to Andrea Flores Shelton, deputy chief of staff for Shirakawas office.

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The San Jose City Council is scheduled to consider one such ordinance May 15.

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We didnt want those businesses moving in, Shelton said, adding that the commission is not taking away existing services, only limiting growth.

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According to the board, there are more than 2,000 payday lenders in the state, exceeding the number of Starbucks locations.  Of those, at least 64 are located in Santa Clara County.

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In February, the board had paved the way for the ordinance by imposing a 45-day moratorium on payday lending and check cashing businesses in the unincorporated county. They then extended that moratorium on April 3 and say that it will remain active until the new ordinance becomes effective on June 21.

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–By Bay City News Service

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WASHINGTON, May 3, 2012 /PRNewswire via COMTEX/ –
The following is a news release by National Consumer Law Center:

The payday lender CheckSmart is using bank-issued prepaid cards to evade state payday laws and today a coalition of consumer groups urged the national bank regulator, the Office of the Comptroller of the Currency (OCC), to stop the practice, citing potential legal hurdles and conflicts with the national bank charter. Community Choice Financial, Inc., (CCFI) which owns CheckSmart (
www.checksmartstores.com ) and also uses the Buckeye name, has an initial public offering (IPO) of stock scheduled for May 8. For a full list of CCFI subsidiaries, visit
www.ccfi.com and click on “our brands.”

In a letter sent to the OCC today, more than two dozen national and state civil rights, consumer, and community groups urged the national banking regulator to stop Florida-based Urban Trust Bank from issuing prepaid cards sold by the payday lender CheckSmart in Arizona, Ohio, and other states where CheckSmart cannot legally make the loans directly. “Prepaid cards and payday loans just don’t mix,” said Lauren Saunders, managing attorney at the National Consumer Law Center. “Prepaid cards should be safe alternatives to bank accounts, not vehicles for evading state law with predatory loans that trap people, often those with the least means, in a spiral of debt.”

When Arizona’s 36% rate cap took effect in 2010, CheckSmart started offering payday loans on prepaid cards at an annual rate of more than 390%. The cards are issued by Urban Trust Bank, and the card program is managed by Insight LLC, which CheckSmart partly owns.

“Arizona voters refused to let payday lenders continue to operate in the state,” said Kelly Griffith, co-executive director at the Center for Economic Integrity in Arizona, “but CheckSmart will hide under the covers with help from Urban Trust Bank.”

CheckSmart has also started offering prepaid card payday loans in Ohio, where voters approved a 28% rate cap in 2008. “Ohio voters soundly endorsed our 28% rate cap, yet CheckSmart has been persistent in finding ways to violate it, and these prepaid cards are a blatant evasion of the rate cap,” said David Rothstein, project director at Policy Matters Ohio.

Loans on prepaid cards may seem to be a contradiction in terms, but CheckSmart’s Insight Cards have two different loan features. Consumers who have their public benefits or wages directly deposited onto the cards can enroll in overdraft “protection” at a cost of $15 per $100 overdraft, or they can take an advance of their income at a rate of $14 per $100 plus 35.9% interest. The loans are repaid immediately upon the next direct deposit, resulting in an annual rate of 390% to 401% for a two-week loan.

“Banks simply should not be in the business of facilitating payday lending, which just leads cash-strapped consumers into a cycle of debt,” added Jean Ann Fox, director of financial services at the Consumer Federation of America.

“We urge the OCC to crack down on Urban Trust Bank for facilitating this deceit, which is an abuse of the national bank charter,” concluded NCLC’s Saunders.

The coalition letter to the OCC; a legal analysis and related exhibits to the OCC from the National Consumer Law Center, the Center for Responsible Lending, and the Consumer Federation of America; and an Issue Brief on prepaid card payday loans are available at
www.nclc.org .

Since 1969, the nonprofit National Consumer Law Center® (NCLC®) has worked for consumer justice and economic security for low-income and other disadvantaged people, including older adults, in the U.S. through its expertise in policy analysis and advocacy, publications, litigation, expert witness services, and training.

The Center for Economic Integrity engages in research, education and advocacy to strengthen local economies by mobilizing and protecting marginalized people, holding corporations and industries accountable to communities and cultivating support for good business practices.

The Consumer Federation of America (CFA) is an association of nearly 300 non-profit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education.

Policy Matters Ohio is a non-profit, nonpartisan policy research organization founded in January 2000 to broaden the debate about economic policy in Ohio. Our mission is to create a more prosperous, equitable, sustainable and inclusive Ohio, through research, media work and policy advocacy.

SOURCE National Consumer Law Center

Copyright (C) 2012 PR Newswire. All rights reserved

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Online payday loans provider Payday Express is continuing to support the Build Africa charity as part of an ongoing partnership.

FOR IMMEDIATE RELEASE

Online payday loans provider Payday Express is continuing to support the Build Africa charity as part of an ongoing partnership.

Payday Express currently sponsor the charity’s Village Savings and Loan Associations project, which is made up of self-managed groups of people whose members pool savings to help those in need. These groups receive no external capital and use what they have to provide members with a safe place to save their money, access to loans, and a place for them to contribute to a welfare fund.

Payday Express believes that the charity gives families the opportunity to save and invest their way out of poverty. The online payday loans company makes payments every two months, which will help to establish six Village Saving and Loan Association (VSLA) groups in a year.

Kristina Winch, administrator at Payday Express, said: “The donations we provide to Build Africa helps communities transform their futures.”

And success has already come as a result of this sponsorship, with money going towards helping Top Ten – a new savings and loan group set up by Build Africa in a poor rural village in Uganda. The Top Ten group has 30 active members, one of whom is Suzan.

Suzan saves 5,000 Ugandan shillings each week (equivalent to approximately £1.20) and borrowed from her group when she and one of her six children became ill. The money was used for medical help which she would otherwise not have been able to afford, and to rent an acre of land on which to grow maize.

Call centre manager at the payday loan company, Carl Mountain, said: “Payday Express staff donate to various charities month to month, but it’s great that in addition to this the company regularly sponsors such a great cause as Build Africa, to help communities in Africa save their way to a better life.”

Find out more about Build Africa’s Village Savings and Loans Associations here: http://www.build-africa.org/pages/village-savings-and-loans-associations.html

Find moneysaving and careful spending tips to help you keep control of your finances by joining Payday Express on Facebook.

[ENDS]

About Payday Express:
Payday Express is one of the UK’s leading payday advance loan providers, offering an online service to help employed people across the country get access to a payday advance loan and access to emergency payday loans. The company is committed to responsible lending and provides customers with a discreet and reliable service that will cover their short-term credit needs.

For further information contact:
Ashleigh Slade
Telephone: 0800 652 4661
Email: enquiriespaydayexpress.co.uk
Website: http://www.paydayexpress.co.uk

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Across Texas, city councils are taking the regulation of payday and auto title lenders into their own hands. But lobbyists, instrumental in blocking far-reaching state legislation on lender regulations last year, also have been active in opposing ordinances.

In Dallas, Austin, San Antonio, Brownsville, Irving, Mesquite, Sachse, Richardson, Garland and Little Elm, city governments have passed zoning ordinances to limit the expansion of payday lending businesses in their cities.

Some of the ordinances come on the heels of 2011 regulations passed by the Legislature, which some city councils felt were not comprehensive enough. The recent state laws require payday and auto title lenders to be regulated by the state and to post a schedule of fees in visible places in their businesses.

Critics say the short-term, high-interest loans have led thousands of Texans into a cycle of debt and dependency.

“In Dallas and Austin, we are leading the fight at the local level, because the state has been hindered by the significant lobbying effort that the industry has taken on,” said Barksdale English, a policy aide for Austin City Councilman Bill Spelman, who authored a recently approved zoning ordinance that limits where payday and auto title loan businesses can be located.

Payday lending is banned in 12 states. Some states cap the maximum loan amount, but in Texas, it is unlimited.

The Texas Constitution says annual rates of interest of more than 10 percent are illegal. However, this constitutional protection can be bypassed if payday lenders register their businesses as “credit service organizations,” which under state law are defined as organizations that improve a consumers credit history or rating, or obtain an extension of consumer credit for their clients. Some payday and auto title loan companies charge interest rates of up to 500 percent.

“There was a huge push to have some consumer protection … that would reduce the cycle of debt and the huge charges that are part of (the payday and auto title lenders) business model,” said Ann Baddour, a senior policy analyst for Texas Appleseed, a nonprofit advocacy and research group. “Nothing that directly addresses the business model passed the Legislature last session. The cities have felt the pressure to take action.”

San Antonio has had an ordinance since 2008 that requires payday lenders to obtain a “specific use authorization” before opening.

National payday lender Check n Go contends the effect of the ordinance is that payday lenders cant open for business or relocate within the city without the City Councils permission.

In October, Check n Go sued the city in federal court, challenging a City Council decision that blocked the company from opening a branch on Austin Highway. The Cincinnati-based firm wants a court order directing the city to issue the authorization.

The city moved to have the suit dismissed. The two sides are in legal discovery, according to San Antonio City Attorney Michael Bernard.

Last year, Dallas passed an ordinance that required payday and auto title lenders to register with the city, and restricted the amount of loans that can be extended and the terms of repayment. The Consumer Service Alliance of Texas filed a lawsuit in response. CSAT said the ordinance conflicted with state law and limited credit access for Dallas residents. The association also filed a similar lawsuit against Austin for a different payday lending ordinance, which capped the maximum loan amount and restricted the number of times a payday loan can be refinanced. Both lawsuits are still in litigation.

“CSAT respects the right of a city to impose reasonable spacing, parking, and signage guidelines on businesses that operate within the city limits,” the association said in a recent statement. “However … when ordinances restrict access to credit (and) eliminate consumer choice … the ordinances have gone too far and will have unintended consequences.”

The city ordinances are meant to prevent situations such as the one faced by Lucille Florez, an Austin woman who took out an auto title loan of about $2,500 to pay for the funeral expenses of her husband and daughter. Florez assumed she could make monthly payments, not realizing she would have to pay the loan and fees within 30 days or roll the balance over into a new loan. Over four months, she ended up with $3,100 in debt.

“You will never have the $3,000 in full,” Florez said. “You will lose the car eventually. I want people to know if they get a $2,000 or $3,000 title loan, you might as well give the car away.”

However, some Texans say payday loans are an important resource for lower-income individuals who do not have access to traditional bank loans.

Express-News Business Writer Patrick Danner contributed to this report.

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The Payday Hound’s quick fast loans analysis is designed to help consumers save money and make the best choice based on their individual needs and situations.

New York, NY (PRWEB) May 02, 2012

Alison Lin and Con Way Ling, The Payday Hound Co-founders, announced today the release of their quick fast loans comparative analysis.

The purpose of The Payday Hound’s study is to help consumers find the best choice for a quick fast loan. First, it identifies five types of quick fast loans or loans that provide cash in less than 24 hours and can be repaid in 14 days. Next, it analyzes these types of loans based on costs and lender requirements. Finally, it reviews each loan option relative to a consumer’s situation. With multiple loan types, varying disclosure information, and different consumer needs, it can be very difficult for consumers to determine what is the best loan choice for them.

“Our goal is to help consumers make an informed decision when choosing a quick fast loan. We want them to know what loan option is best for them based on their unique needs, so they can save money and avoid debt pile ups, or even losing grandmother’s wedding ring,” says Lin.

For its comparison, The Payday Hound analyzed credit card cash advances, pawn loans, payday loans, title loans, and checking account overdrafts. The Payday Hound took the interest rates and/or fees for each of the five quick loan options and standardized the total costs to a 14-day loan for a side-by-side comparison of each option. Its comparison shows that on a cost basis, overdrawing checking accounts is the most expensive option and taking out a cash advance with a credit card is the least expensive. It next analyzed the best loan options for consumers based on lender requirements for each option. For instance, pawn loans require acceptable collateral and title loans require ownership of a paid-off vehicle. If a consumer does not meet these requirements, they will not qualify for these loan types.

Lastly and most importantly, to make the study relevant to consumers looking for quick fast loans, The Payday Hound reviewed the best loan types for each consumer based on a combination of costs, qualifications, and consumer needs. For example, in a scenario where a consumer needs $300 in 24 hours, does not have acceptable collateral, and does not have available cash credit limit on his or her credit card, the consumer’s two options are either a payday loan or to overdraw his or her checking account. More specifically, if the $300 is needed for more than five days, The Payday Hound’s study finds the best option is to take out a payday loan, as the costs for overdrafts after five days is up to 33% higher at $105 versus $75 for a payday loan.

In sum, The Payday Hound’s quick fast loans analysis is designed to help each consumer save money and make the best choice based on his or her individual needs and situation. The full analysis can be found at The Payday Hound Quick Fast Loan Study.

About The Payday Hound

The Payday Hound delivers comprehensive and reliable payday loan rankings and reviews at http://www.thepaydayhound.com, helping users find the best loan. The site aims to review more payday lenders and in greater depth than anyone else on the web. The site launched in 2012 by financial service industry veterans through Contigo Direct LCC, a Nevada corporation.

For the original version on PRWeb visit: http://www.prweb.com/releases/prwebpayday-direct/quick-fast-loans/prweb9456422.htm

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WASHINGTON, May 3, 2012 /PRNewswire-USNewswire/ — The following is a news release by National Consumer Law Center:

The payday lender CheckSmart is using bank-issued prepaid cards to evade state payday laws and today a coalition of consumer groups urged the national bank regulator, the Office of the Comptroller of the Currency (OCC), to stop the practice, citing potential legal hurdles and conflicts with the national bank charter. Community Choice Financial, Inc., (CCFI) which owns CheckSmart (www.checksmartstores.com) and also uses the Buckeye name, has an initial public offering (IPO) of stock scheduled for May 8. For a full list of CCFI subsidiaries, visit www.ccfi.com and click on our brands.

In a letter sent to the OCC today, more than two dozen national and state civil rights, consumer, and community groups urged the national banking regulator to stop Florida-based Urban Trust Bank from issuing prepaid cards sold by the payday lender CheckSmart in Arizona, Ohio, and other states where CheckSmart cannot legally make the loans directly. Prepaid cards and payday loans just dont mix, said Lauren Saunders, managing attorney at the National Consumer Law Center. Prepaid cards should be safe alternatives to bank accounts, not vehicles for evading state law with predatory loans that trap people, often those with the least means, in a spiral of debt.

When Arizonas 36% rate cap took effect in 2010, CheckSmart started offering payday loans on prepaid cards at an annual rate of more than 390%. The cards are issued by Urban Trust Bank, and the card program is managed by Insight LLC, which CheckSmart partly owns.

Arizona voters refused to let payday lenders continue to operate in the state, said Kelly Griffith, co-executive director at the Center for Economic Integrity in Arizona, but CheckSmart will hide under the covers with help from Urban Trust Bank.

CheckSmart has also started offering prepaid card payday loans in Ohio, where voters approved a 28% rate cap in 2008. Ohio voters soundly endorsed our 28% rate cap, yet CheckSmart has been persistent in finding ways to violate it, and these prepaid cards are a blatant evasion of the rate cap, said David Rothstein, project director at Policy Matters Ohio.

Loans on prepaid cards may seem to be a contradiction in terms, but CheckSmarts Insight Cards have two different loan features. Consumers who have their public benefits or wages directly deposited onto the cards can enroll in overdraft protection at a cost of $15 per $100 overdraft, or they can take an advance of their income at a rate of $14 per $100 plus 35.9% interest. The loans are repaid immediately upon the next direct deposit, resulting in an annual rate of 390% to 401% for a two-week loan.

Banks simply should not be in the business of facilitating payday lending, which just leads cash-strapped consumers into a cycle of debt, added Jean Ann Fox, director of financial services at the Consumer Federation of America.

We urge the OCC to crack down on Urban Trust Bank for facilitating this deceit, which is an abuse of the national bank charter, concluded NCLCs Saunders.

The coalition letter to the OCC; a legal analysis and related exhibits to the OCC from the National Consumer Law Center, the Center for Responsible Lending, and the Consumer Federation of America; and an Issue Brief on prepaid card payday loans are available at www.nclc.org.

Since 1969, the nonprofit National Consumer Law Center (NCLC) has worked for consumer justice and economic security for low-income and other disadvantaged people, including older adults, in the US through its expertise in policy analysis and advocacy, publications, litigation, expert witness services, and training.

The Center for Economic Integrity engages in research, education and advocacy to strengthen local economies by mobilizing and protecting marginalized people, holding corporations and industries accountable to communities and cultivating support for good business practices.

The Consumer Federation of America (CFA) is an association of nearly 300 non-profit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education.

Policy Matters Ohio is a non-profit, nonpartisan policy research organization founded in January 2000 to broaden the debate about economic policy in Ohio. Our mission is to create a more prosperous, equitable, sustainable and inclusive Ohio, through research, media work and policy advocacy.

SOURCE National Consumer Law Center

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(Source: Tim Grant Pittsburgh Post-Gazette (MCT) -Out-of-state payday lenders could get back into Pennsylvania through a bill introduced in the state House of Representatives that would make it legal for them to set up operations here.

The bill — HB 2191 — was introduced by Rep. Chris Ross, R-Chester, on March 14 and at this point is supported by more than 50 House co-sponsors, both Democrat and Republican. While the bill has consumer-friendly elements, at its core it would legalize a form of high-interest lending currently not allowed.

We have heard they will try to pass it next month without debate, said Greg Simmons, a manager at Action Housing. The nonprofit financial literacy group based Downtown is opposed to the legislation and has joined a statewide campaign to defeat the bill.

This week, Diane Standaert, legislative counsel for the Center For Responsible Lending in Durham, N.C, is visiting Pennsylvania, meeting with nonprofits and other community groups to sound the alarm about the legislation and the risks of legalizing a practice that can trap low-income consumers in a vicious cycle of high-interest debt.

Mr. Ross could not be reached for comment Tuesday. In a memo sent to all House members earlier this year, he said he had introduced legislation on payday lending in the past but the Department of Banking has stood firm in its opposition.

Unfortunately, it has become clear that the loans continue, but have gone onto the Internet, where they are impossible for us to regulate, he wrote.

A 2010 state Supreme Court decision ruled that out-of-state payday lenders must abide by the state’s banking regulations even if they don’t have a physical presence here, but many have found ways to make high-interest loans to state residents despite the rules.

This bill, Mr. Ross said in his memo, will incorporate the strongest consumer protections available in other states that regulate the practice, including limits on size of loans; restrictions on fees and interest charged; up-front disclosures and limits on the number of loans outstanding to a customer; and limits on the ability to roll over loans.

Ms. Standaert said while interest rates under the House bill would be limited to 28 percent on payday loans, the bill also would allow for an origination fee of 10 percent of the principal amount loaned and a $15 verification fee on each loan.

For a typical $300 payday loan due in full in two weeks, that would equate to an annualized rate of 419 percent, she said.

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