Tuesday, January 31, 2023

Play

Videos show disparities in Cleveland police response to kids in crisis, Pennsylvania receives federal funds to plug abandoned wells, and grants support 2020 fire recovery for Oregonians.

Play

President Biden says he will meet with members of the Congressional Black Caucus on much-needed police and justice system reforms, unresolved legal challenges regarding gerrymandering could have implications for 2024 congressional elections, and a government watchdog reveals fraud and waste tied to pandemic relief aid programs.

Play

"Brain Gain?" Research shows rural population is actually growing, especially in recreational areas; other small towns are having success offering relocation incentives like free building lots, cash, complimentary dinners and even internet credits; and researchers say the key is flexibility and creativity.

Community Groups Unite Against Bill Raising Small Loan Costs

Play

Thursday, March 20, 2014   

PHOENIX – Community groups, including AARP Arizona and the Arizona Community Action Association, are urging state senators to reject a bill allowing increased interest rates and fees on small consumer loans.

House Bill 2526 would allow loans up to $3,000 to carry an interest rate of 36 percent, and would permit an origination fee of $150, more than double the current limit.

At the same time, State Rep. Debbie McCune-Davis says the bill provides no assurance that borrowers would actually be able to repay those loans.

"Without that assurance, the loans that are made are potentially predatory, and the consequence is that it puts people in a cycle of debt, which gives them no opportunity to improve their lives, their credit or their future," she maintains.

The bill reportedly is being pushed by a single hedge fund-owned loan company and already has passed the Arizona House. It is currently being considered by the Senate.

State Sen. Steve Farley says voters rejected an industry-backed ballot measure six years ago that would have allowed payday loans exceeding 400 percent annual interest.

"Arizonans have spoken at the ballot box, both in electing people who are against payday lending and other types of predatory loans, and in banning predatory lending at the ballot in the initiative process, and they've spoken overwhelmingly time and time again," he says.

Cynthia Zwick, director of the Arizona Community Action Association, says lenders already are collecting additional fees from vulnerable borrowers that push loan costs well above the legal limit for interest rates.

"The bill is not about providing more loan choice to vulnerable Arizonans,” she says. “These loans are currently available, but at a maximum amount of 24 percent interest.

This bill is about higher-interest loans and higher costs for low-income borrowers versus higher profits for the lenders."

Other groups opposing the bill include the Southwest Center for Economic Integrity, the Morris Institute for Justice and Citizens for a Better Arizona.





get more stories like this via email

Nearly half of all Hispanic-Americans live in counties that frequently violate ground-level ozone standards. (Adobe Stock)

Social Issues

The public has until February 13th to weigh in on new rules proposed by the Environmental Protection Agency to reduce methane pollution at oil and gas…


Health and Wellness

The Massachusetts Attorney General's Office has announced the launch of a new hotline for abortion-care providers and people seeking confidential lega…

Environment

For the second time in nearly a decade, North Dakota is considering changes to a longstanding law that blocks corporate ownership of farms. With …


A Twin Cities project hopes to develop a model to spur the adoption of solar installations along business corridors in underserved communities. (Adobe Stock)

Environment

Racial disparities are apparent when it comes to rooftop solar installation, researchers have reported. In Minnesota, there are efforts to close …

Health and Wellness

As National Glaucoma Awareness Month comes to a close, one Nevada ophthalmologist wants to remind people to get their eyes and vision checked. Dr…

Much of the town of Phoenix, Oregon. was destroyed in the 2020 wildfire season. (Oregon Department of Transportation/Wikimedia Commons)

Social Issues

Southern Oregon continues to recover from the fires of 2020 and grants are helping residents in the region. The Almeda Fire in Jackson County …

Environment

New funds will help plug abandoned oil and gas wells in the Keystone State, and should boost the region's economy in the process. It is a big job…

Social Issues

By Toni Riley for The Daily Yonder.Broadcast version by Nadia Ramlagan for Kentucky News Connection for the Public News Service/Daily Yonder Collabora…

 

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