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IVF clinic bombing should be a security wakeup call for fertility centers, experts say; Illinois is first state to restrict federal access to autism-related data; Virginia ranks in top 10 for lowest rates of deaths on the job; Food security researchers in 20 countries thought they had U.S. funding. Then Trump took office.

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Congress debates Medicaid cuts, FBI pledges to investigate missing Indigenous people, Illinois pushes back on federal autism data plan, and deadly bombing in California is investigated as domestic terrorism.

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New Mexico's acequia irrigation system is a model of democratic governance, buying a house in rural America will get harder under the Trump administration's draft 2026 budget, and physicians and medical clinics serving rural America are becoming a rarity.

New Payday-Lending Rule Could be Helpful in Maine

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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.


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