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PDBOA
Payday Business Owners Association
Payday Business Owners Association

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Examination of
Small-Dollar Credit
Consumers
Payday Lending
Statutes by State

    America’s richest (and poorest) states: Mississippi, the poorest state in
    the nation, had a median household income of just $37,963 last year. In
    fact, no other state had a median income of less than $40,000 in 2013,
    and Mississippi’s median income was barely half that of top-ranked states
    Maryland and Alaska.   YAHOO Finance

    Top 5 money problems Americans face. Most of us are no strangers to
    financial issues. You may have heard about the groundbreaking AP
    research from last year, which found that 4 out of 5 American adults are
    faced with economic insecurity at some point during their lives.
    USA TODAY

    Unbanked Rates by Large U.S. Cities. The list contains poverty and
    unbanked rates in 111 American cities with populations of more than
    200,000 residents, sorted by those with the highest rates of residents
    without checking or savings accounts. Search the table to find a specific
    city.   Wall Street Journal

    Here's How Rich People Are Using High-End Pawn Shops.   Business
    Insider

    5 things small businesses need to know this fall. What do small business
    owners need to pay attention to this fall? Heath care, Internet security and
    new technology make the list.   USA TODAY

    Consumer Financial Protection Bureau Proposes New Federal Oversight
    of Nonbank Auto Finance Companies. The CFPB is proposing to oversee
    larger nonbank auto finance companies for the first time at the federal
    level. The Bureau also released a supervision report that details the auto-
    lending discrimination that the Bureau has uncovered at banks.    
    Consumer Financial Protection Bureau

    Where Americans Don’t Use Banks. There have long been concerns—
    both in the government and in the banking industry—about the number of
    households that lack access to the U.S. banking system, with many efforts
    to attract low-income adults falling short. In major cities — defined as the
    111 U.S. cities with a population of more than 200,000 — about 15% of
    households are “unbanked,” meaning that they lack a checking or savings
    account. In Newark, the unbanked rate was 34%. Philadelphia had the
    highest rate of underbanked consumers, at nearly 36%   Wall Street
    Journal

    Household wealth rises 1.7% to record level. Strong stock market gains
    and higher home prices boosted Americans' net worth in the April-June
    period to a record high, a trend that could encourage more spending.   
    USA TODAY

    Republicans' belief in evolution plummets, poll reveals. Fewer
    Republicans today than in 2009 believe in evolution, according to new
    analysis from the Pew Research Center. A poll out Monday shows that
    less than half – 43 percent – of those who identify with the Republican
    Party say they believe humans have evolved over time, plunging from 54
    percent four years ago. Forty-eight percent say they believe “humans and
    other living things have existed in their present form since the beginning of
    time,” up from 39 percent in 2009.   CBS News

    The Consumer Financial Protection Bureau Sues Online Payday Lender
    for Cash-Grab Scam. The CFPB announced its action to halt the
    operations of an online payday lender, the Hydra Group, which it believes
    is running an illegal cash-grab scam. The lawsuit alleges that the Hydra
    Group uses information bought from online lead generators to access
    consumers’ checking accounts to illegally deposit payday loans and
    withdraw fees without consent.  “The Hydra Group has been running a
    brazen and illegal cash-grab scam, taking money from consumers’ bank
    accounts without their consent,” said CFPB Director Richard Cordray. “The
    utter disregard for the law shown by the Hydra Group and the men
    controlling it is shocking, and we are taking decisive action to prevent any
    more consumers from being harmed.”    Consumer Financial Protection
    Bureau

    Lenders Turning to High-Interest Personal Loans. Firms Entering Market
    With Stiff Competition but Little Regulation.  In a bid to boost revenue
    squeezed by new regulations, lenders are turning to high-interest personal
    loans, a market in which they face stiff competition from upstart rivals.   
    Wall Street Journal

    Consumer Financial Protection Bureau Sues For-Profit Corinthian
    Colleges for Predatory Lending Scheme. Bureau Seeks More than $500
    Million In Relief For Borrowers of Corinthian’s Private Student Loans. The
    Bureau alleges that Corinthian lured tens of thousands of students to take
    out private loans to cover expensive tuition costs by advertising bogus job
    prospects and career services.  Consumer Financial Protection Bureau

    Arkansas Supreme Court: Out-of-State Debt Buyers Must be Licensed. The
    Arkansas Supreme Court late last week ruled that an out-of-state debt
    buyer that “retains a licensed Arkansas lawyer to collect on the delinquent
    accounts and file lawsuits on its behalf in Arkansas” meets the definition
    of “collection agency” in the state and must be properly licensed as such.  
    InsideARM
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