skip to main content
skip to newscasts

Wednesday, September 18, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Post-presidential debate poll shows a shift in WI; Teamsters won't endorse in presidential race after releasing internal polling showing most members support Trump; IL energy jobs growth is strong but lacks female workers; Pregnant, Black Coloradans twice as likely to die than the overall population.

view newscast page
play newscast audioPlay

The Teamsters choose not to endorse a presidential candidate, county officials in Texas fight back against state moves to limit voter registration efforts, and the FBI investigate suspicious packages sent to elections offices in at least 17 states.

view newscast page
play newscast audioPlay

A USDA report shows a widening gap in rural versus urban health, a North Carolina county remains divided over a LGBTQ library display, and Minnesota Gov. Tim Walz' policies are spotlighted after his elevation to the Democratic presidential ticket.

New Payday-Lending Rule Could be Helpful in Maine

play audio
Play

Wednesday, October 11, 2017   

AUGUSTA, Maine - Consumer-rights groups are celebrating this month's decision by the Consumer Financial Protection Bureau to stop payday-lending debt traps, although they say there's more work to be done.

The new rules require payday lenders to start verifying a borrower's ability to repay a loan before rolling it over into a new loan. Maine already has some consumer protections in place, but Jody Harris, associate director of the Maine Center for Economic Policy, said the payday-loan industry is notorious for finding ways around them.

"In Maine, many of them operate online, under the radar. They ignore our laws; they claim the laws don't apply to them, because they're out of state," she said. "So, I think what this rule will do is, it will help Maine enforce its existing, really strong consumer protections."

In states that put caps on payday loans, Harris said, the interest rate can run as high as 36 percent, but in Maine it is 30 percent. Supporters of payday lending argue that this type of short-term loan offers credit and flexibility to people in financial distress.

Maine also requires that payday lenders be licensed and post a surety bond, but Harris said the industry makes constant efforts to find loopholes it can squeeze through.

"Last year, they tried to pass a bill that would authorize high-interest, long-term loans," she said, "and it would have also allowed them to charge a new origination fee, and a new monthly maintenance fee, which Maine doesn't allow."

That legislation was unsuccessful. Meanwhile, in Congress, conservatives are expected to try to repeal the new rule before it even goes into effect in July 2019. Next year, President Trump will get the chance to nominate a new head of the CFPB. Its current director, Richard Cordray, is a holdover from the Obama administration.

Information on the rule is online at consumerfinance.gov. Information on the bill in the Maine Legislature, SP 385, is at mainelegislature.org.


get more stories like this via email

more stories
Including the $236 million in federal funding for wildland fire management recently announced for 2025, the Bipartisan Infrastructure Law has invested a total of $1 billion to the cause, according to the Department of the Interior. (Adobe Stock)

Environment

play sound

This month, the federal government announced funding for next year's wildfire management, totaling $236 million and experts hope threatened …


Social Issues

play sound

From gubernatorial candidate Mark Robinson to Superintendent of Public Instruction hopeful Michele Morrow, some Republicans running for office have …

Social Issues

play sound

California is home to more than 181,000 people who are unhoused, with 75,000 in Los Angeles alone, so the Los Angeles Food Policy Council will host a …


The California Department of Conservation is holding a public meeting online on Sept. 24, to update the public on its progress in plugging abandoned oil wells. (Alizada Studios/Adobe Stock)

Environment

play sound

Groups concerned about pollution and climate change are asking Gov. Gavin Newsom to sign a trio of bills dubbed the "make polluters pay" package…

Social Issues

play sound

This week, National Voter Registration Day was another timely reminder for Ohioans preparing for the 2024 general election. The latest reports from …

The American Heart Association said caregivers often experience personal and spiritual growth, discovering their own resilience, competence and capacity for sacrifice as they help a friend or loved one. (Justlight/Adobe Stock)

Health and Wellness

play sound

September is Self-Care Awareness Month and the American Heart Association in Missouri is urging caregivers to take some much-needed time for themselve…

Environment

play sound

In Virginia's waters, the decline of a small but critically important fish is causing growing concern among conservation groups and fishermen alike…

Social Issues

play sound

Colorado voters will decide whether to change the state's constitution to ensure families have school choice as a fundamental right. Kallie Leyba…

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021