Committee Explores Impact of Pay Day Loans on Older People In America

Committee Explores Impact of Pay Day Loans on Older People In America

Committee Explores Impact of Pay Day Loans on Older People In America

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WASHINGTON, DC – The U.S. Senate Special Committee on Aging held a hearing on Wednesday to look at the impact payday as well as other short-term lending that is high-cost have actually on seniors.

The hearing came in reaction to reports that cash-strapped older Us citizens had been finding it easier than ever before to select the high priced loans, whoever yearly rates of interest can cover anything from 225 % to significantly more than 500 per cent.

In accordance with a present research by the middle for Responsible Lending, Social protection recipients now take into account significantly more than a 4th of all of the bank pay day loan borrowers. Banking institutions are one of the latest players to go into the cash advance market by offering alleged deposit improvements which seniors usually secure through their pending month-to-month Social safety advantages.

Whilst the industry contends the loans are popular among users, customer advocates worry that charges and overdrafts from the items are eroding seniors’ advantages and trapping them in a period of financial obligation.

Such ended up being the outcome of 70-year old Annette Smith of Rocklin, Ca, whom told lawmakers at the hearing just exactly exactly how she got stuck in a financial obligation trap after taking right out a $500 deposit advance that cost her a lot more than $3,000 in charges.

In April, the buyer Financial Protection Bureau (CFPB) discovered these loans typically result in a period of financial obligation for customers and suggested a willingness to work out oversight over payday and lending that is short-term. That exact same thirty days, the Federal Deposit Insurance Corporation (FDIC) therefore the workplace of Comptroller associated with Currency (OCC) released proposed help with deposit advances, needing, on top of other things, that banking institutions examine clients’ earnings and costs to ensure that they could actually manage to spend from the loan and associated fees.

Other witnesses in the hearing included: federal and state regulators; representatives from the payday loan and banking companies; and, a consumer advocate.

SENATE SPECIAL COMMITTEE ON AGING HEARING: Payday Lending: Short-term Solution or Long-term Problem? 2:00 p.m., EDT, Wednesday, July 24, 2013 Dirksen Senate business building, area 562 WITNESSES: Panel I

David Silberman, Associate Director, analysis, Markets, and laws, customer Financial Protection Bureau Mark Pearce, Director Division of Depositor and Consumer Protection, Federal Deposit Insurance Corporation Eric Wright, Staff Attorney, Maine Bureau of customer Credit Protection

Annette Smith, Deposit Advance Consumer/Social safety Beneficiary Rebecca Borne, Senior Policy Counsel, Center for Responsible Lending Dennis Shaul, CEO, Community Financial Services Association of America Richard search, President and CEO, Consumer Bankers Association

To view the hearing, along with access Member statements and witness testimony click on this link.