Consumer Federation of America

Payday Loans/RALs

Fact Sheets

Press Releases

Studies

Testimony and Comments

For consumer information about payday loans, click here.

Fact Sheets

Research Findings Illustrate the High Risk of High-Cost Short-Term Loans for Consumers, 02/18/09. (PDF)

Refund Anticipation Loans: Updated Facts and Figures, 01/17/06. (PDF)

Press Releases

CFA Applauds Changes to Bank of America's Overdraft Policies and Calls for Further Federal Regulation of Overdraft Practices, 3/10/10. (PDF)

Beginning of the End?: Major Changes to Quick Tax Refund Loans Industry, 2/16/10. (PDF)

CFA and NCLC Call on Bank Regulator to Enforce Rules for Quickie Tax Refund Loans, 2/8/10. (PDF)

Consumers Overwhelmingly Support Bank Overdraft Reforms: 15 Largest Banks Continue to Pile on Fees, 2/4/10. (PDF)
- Survey of Big Bank Overdraft Fees (PDF)
- Overdraft Examples (PDF)

Beginning of the End?: Major Changes to Quick Tax Refund Loans Industry, 1/19/10. (PDF)

Consumers Still at Risk from Bank Overdraft Loans: Big Bank “Reforms” Fail to Protect Customers, Consumer Financial Protection Agency (CFPA) Needed. (PDF)

Consumer Federation of America Applauds President Obama’s Speech on Financial Regulatory Reform, 09/14/09. (PDF)

CFA Big Bank Overdraft Fee Survey, 07/16/09. (PDF)

Quickie Refund Loans: Bad for Consumers, Bad for the U.S. Treasury, 02/27/09. (PDF)

Consumers Urged to Keep More of Their Tax Refunds by Avoiding Quickie Loans, 01/21/09. (PDF)

Consumer Advocates Decry Use of Bailout Money to Make Predatory Loans to Working Poor Families, 01/05/09. (PDF)

Scorecard Shows Many States Fail to Protect Consumers from Abusive Lending Practices, 08/27/08. (PDF)

Senator Durbin Introduces Quick Fix for Predatory Consumer Lending: 36 Percent Cap Ends Out-of-Control 400 Percent Rates , 07/18/08. (PDF)

Regulators’ Overdraft Proposal Falls Short: Fails to Protect Consumers from Unwanted Credit, 05/02/08. (PDF)

Consumer Advocates Urge IRS to Stop Tax Preparers from Using Confidential Tax Returns to Sell Refund Anticipation Loans and Other Products, 04/08/08. (PDF)

CFA and NCLC Issue Annual Report on Refund Anticipation Loan Industry, 03/31/08. (PDF)

Positive Improvements for Tax Refund Loans, But Consumers Still Warned to Avoid Them, 01/18/08. (PDF)

IRS May Take One Step Forward For Taxpayers On Predatory Loans, But Takes One Big Step Back On Privacy, 01/07/08. (PDF)

Military Lending Act to Take Effect October 1, 09/27/07. (PDF)

CFA and Consumer Groups Respond to Department of Defense Regulations on Predatory Lending, 09/04/07. (PDF)

Consumer Groups Applaud Legislation to Halt Check Kiting for Loans, 06/27/07. (PDF)

Pentagon Rules Will Leave Military Families Unprotected, 06/12/07. (PDF)

Down, But Not Gone: Quick Tax Refund Loans Continue to Gouge Taxpayers and Military, 02/05/07. (PDF)

Down But Not Gone: Quick Tax Refund Loans Continue to Gouge Taxpayers, 01/16/07. (PDF)

Consumer Advocates Warn Taxpayers Against New “Pay Stub” Refund Anticipation Loans, 11/29/06. (PDF)

Congress Poised to Enact Historic Predatory Lending Protections for Military Families, 09/29/06. (PDF)

National Consumer Group Joins Department of Defense in Supporting Protections Against Predatory Lending for Service Members, 09/07/06. (PDF)

CFA Launches New Web Site on Payday Lending for Consumers, 05/03/06. (PDF)

Consumer Groups to Testify before the IRS on Plan to Weaken Taxpayer Privacy Rules, 04/03/06. (PDF)

Consumer Groups Demand Improvements to IRS “Privacy” Rule Proposal, 03/09/06. (PDF)

Quick Tax Loans Skim Billions from Taxpayer Refunds, 02/03/06. (PDF)

Latest Predatory Lenders Drive Borrowers into Debt With High-Cost Loans Secured by Cars, 11/17/05. (PDF)

National Consumer Law Center Report Documents IRS Subsidy to Refund Anticipation Loan (RAL) Industry, 07/05/05. (PDF)

Loans Secured by Car Titles Trap Borrowers in Cycle of Debt, 04/17/05. (Read More)

Refund Anticipation Loans: Still a Bad Deal, 01/18/05. (PDF)

Consumers at Risk from Online Payday Lending CFA Survey of 100 Internet Payday Loan Sites, 11/30/04. (Read More)

Senators tell FDIC to Stop Letting Payday Lenders Rent Bank Charters, 07/21/04. (Read More)

Wisconsin Governor Vetoes Toothless Payday Loan Bill Consumer Groups Call for Real Protection For Cash-Strapped Families, 04/15/04. (Read More)

Payday Lenders Use FDIC Banks and Sham Rebates to Peddle Exorbitantly Priced Small Loans, 03/31/04. (Read More)

Quick Tax Loans Drain Over a Billion From American Workers, 01/29/04. (PDF)

Consumer and Community Groups Call on FDIC to Enforce its New Payday Loan Guidelines in CRA Review of Venture Bank and Advance America, 07/14/03. (PDF)

FDIC Guidelines Turn up the Heat on Rent-a-Bank Payday Lending, 07/02/03. (Read More)

National Consumer Groups Ask Oklahoma Legislature to Vote No on SB 583, 05/13/03. (Read More)

Consumer and Community Groups Call on Federal Reserve Board to Halt Rent-a-Bank Payday Lending by Delaware Bank, 04/15/03. (Read More)

Consumer Groups Alert Treasury of Privacy Violations by Free File Tax Preparation Websites, 03/25/03. (Read More)

New FDIC Guidelines Allow Payday Lenders to Ignore State Laws, 03/17/03. (Read More)

Consumer Federation of America Applauds Comptroller Action to Halt Rent-A-Bank Payday Lending by Peoples National Bank of Paris, TX, 01/31/03. (Read More)

Quick Tax Loans Cost Taxpayers Almost $2 Billion, 01/29/03. (PDF)

Consumer Groups Question the the 'Free' in the IRS 'Free File' Program, 01/16/03. (Read More)

Consumer and Community Groups Call on Office of Thrift Supervision to Halt Rent-a-Bank Payday Lending by Ohio Thrift, 01/07/03. (Read More)

Consumer Federation of America Applauds Comptroller For Another Crackdown on Payday Lending, 10/29/02. (Read More)

Payday Lenders Shred Consumer Safety Net, 10/03/02. (Read More)

Studies

Major Changes in the Quick Tax Refund Loan Industry: the NCLC/CFA 2010 Refund Anticipation Loan Report, 2/26/10. (PDF)

Fringe Financial Product Privacy and Security White Paper, 09/16/09. (PDF)

Big Business, Big Bucks: Quickie Tax Loans Generate Profits for Banks and Tax Preparers while Putting Low-Income Taxpayers at Risk. The NCLC/CFA 2009 Refund Anticipation Loan Report, 02/27/09. (PDF)

50-State Small Dollar Loan Scorecard, 08/27/08. (PDF)

50-State Small Dollar Loan Scorecard Statutory Backup, 08/27/08. (PDF)

Coming Down: Fewer Refund Anticipation Loans, Lower Prices from Some Providers, But Quickie Tax Refund Loans Still Burden the Working Poor: The NCLC/CFA 2008 Refund Anticipation Loan Report, 03/31/08. (PDF)

One Step Forward, One Step Back: Progress Seen in Efforts Against High Priced Refund Anticipation Loans, But Even More Abusive Products Introduced, 02/05/07. (PDF)

Pay Stub and Holiday RALs: Faster, Costlier, Riskier in the Race to the Bottom, 11/29/06. (PDF)

Another Year of Losses: High-Priced Refund Anticipation Loans Continue to Take a Chunk Out of Americans’ Tax Refunds, 02/02/06. (PDF)

Driven into Debt: CFA Car Title Loan Store and Online Survey, 11/17/05. (PDF)

Car Title Lending: Driving Borrowers to Financial Ruin, 04/17/05. (PDF)

Refund Anticipation Loans Still Slicing Into Low-Income American’s Hard-Earned Tax Refunds, 02/01/05. (PDF)

Internet Payday Lending: How High-Priced Lenders Use the Internet to Mire Borrowers in Debt and Evade State Consumer Protections, 11/30/04. (PDF)

Unsafe and Unsound: Payday Lenders Hide Behind FDIC Bank Charters to Peddle Usury, 03/30/04. (PDF)

All Drain, No Gain: Refund Anticipation Loans Continue to Sap the Hard-Earned Tax Dollars of Low-Income Americans, 01/28/04. (PDF)

The High Cost of Quick Tax Money: Tax Preparation, ‘Instant Loans, and Check Cashing Fees Target the Working Poor, 01/29/03. (PDF)

Testimony and Comments

CFA and CRL Urge the House Financial Services Comittee to Pass the Overdraft Protection Act of 2009, HR 3904, 2/5/10. (PDF)

CFA and CRL Urge the Senate Banking Committee to Pass the FAIR Overdraft Coverage Act of 2009, S 1799, 2/5/10. (PDF)

CFA and CU Urge the House Rules Committee to Pass Gutierrez Amendment 138, 12/8/09. (PDF)

Letter of Support to Senator Dodd for the FAIR Overdraft Coverage Act, 10/21/09. (PDF)

Comments Regarding Cooling-Off Rule Regulatory Review, 9/25/09. (PDF)

Position Paper: The Need for High Cost Lending Consumer Protections, 08/12/09. [PDF]

CFA and NCLC Comments to IRS Regarding RALs and the Improvement of Tax Preparation, 08/12/09. (PDF)

Consumer Groups Congratulate Senator Merkley on Introduction of Deceptive Loan Check Elimination Act, 08/06/09. (PDF)

Letter to President Obama on Federal Usury Cap Bills, 05/08/09. (PDF)

CFA Letter to Comptroller on Refund Anticipation Loan Bank Oversight, 04/15/09. (PDF)

Testimony of Jean Ann Fox before the Subcommittee on Financial Institutions and Consumer Credit Regarding H.R. 1214, the Payday Loan Reform Act of 2009, 04/02/09. (PDF)

100 + Diverse National and State Groups Support Speier’s H.R. 1608 Bill, 03/23/09. (PDF)

Consumer and Community Groups Oppose H.R. 1214, 03/17/09. (PDF)

100 + Diverse National and State Groups Support Durbin’s S. 500 Bill, 03/02/09. (PDF)

Research Findings Illustrate the High Risk of High-Cost Short-Term Loans for Consumers, 02/18/09. (PDF)

Consumer Comments to Office of Thrift Supervision Regarding Republic Bancorp, 09/12/08. (PDF)

Consumer Federation to Federal Reserve Board of Governors, Re: Federal Reserve Board Regulation DD-Truth in Savings: R-1315, 07/19/08. (PDF)

Comments of the Center for Responsible Lending and Consumer Federation of America, Consumers Union, National Consumer Law Center on Proposed Rule to amend Regulation DD 12 CFR Part 230 pursuant to The Truth in Savings Act Docket No. R-1315, 07/18/08. (PDF)

CFA and NCLC Letter to Sec. Paulson Re: Protecting Recipients of Exempt Federal Funds, 07/11/08. (PDF)

Consumer Federation Joins NCLC and Other Consumer Interest Groups in Testimony before the House Ways and Means Committee on Protecting Social Security Beneficiaries from Predatory Lending, 06/24/08. (PDF)

Testimony of Jean Ann Fox before the House Ways and Means Committee on Protecting Social Security Beneficiaries from Predatory Lending, 06/24/08. (PDF)

CFA, NCLC and CU Comments to Social Security Administration Regarding the Use of Master and Sub Account Arrangements for the Payment of Benefits, 06/20/08. (PDF)

Comments Regarding IRS Advance Notice of Proposed Rulemaking: Guidance Regarding Marketing of Refund Anticipation Loans (RALs) and Certain Other Products in Connection with the Preparation of a Tax Return, 04/08/08. (PDF)

CFA Comments to Department of Defense on Implementation of Military Lending Act Rules, 02/25/08. (PDF)

Group Letter to Representative Udall Regarding the Payday Loan Reform Act of 2007, 06/26/07. (PDF)

Consumer Group Comments to the DOD on the Proposed Rulemaking: Limitations on Terms of Consumer Credit Extended to Service Members and Dependents, 06/11/07. (PDF)

Consumer Group Statement on Proposed Department of Defense Predatory Lending Regulation, 04/11/07. (PDF)

Testimony of CFA’s Jean Ann Fox before the House Oversight and Domestic Reform Subcommittee on Domestic Policy Regarding Foreclosure, Predatory Lending and Payday Lending in America’s Cities, 03/21/07. (PDF)

Military Lending Talent Amendment Letter to Conferees, 09/07/06. (PDF)

Military Lending Talent Amendment Floor Letter, 07/27/06. (PDF)

Letter to Senators Grassley and Baucus on Privacy of Tax Return Information, 05/11/06. (PDF)

Consumer Group Testimony on the Impact of Regulatory Relief Proposals Affecting Banks, Thrifts and Credit Unions, 03/15/06. (PDF)

Consumer Group Comments on Amendments to Section 7216 Regulations and Revenue Guidance, 03/09/06. (PDF)

Testimony of CFA's Travis Plunkett on Current Proposals Considered for Regulatory Relief Legislation, 06/21/05. (PDF)

Letter to FDIC on First Bank of Delaware, 10/09/03. (PDF)

Consumer Groups Urge FDIC to Enforce New Payday Loan Guidelines, 07/11/03. (PDF)

Letter to FDIC on Payday Lending by Republic Bank and Trust, 05/20/03. (PDF)

National Groups Oppose Oklahoma Payday Loan Bill SB 583, 05/13/03. (PDF)

Federal Reserve Member Banks Not For Rent, 04/14/03. (PDF)

Consumer Groups Alert Treasury in Free File Privacy Violations, 03/24/03. (PDF)

Comments of CFA and other 15 national and local consumer groups on new FDIC Draft Guidelines for Payday Lending, 03/14/03. (PDF)

CFA Comments to FDIC on Draft Payday Loan Guidelines, 03/02/03. (PDF)

Federal Thrifts Not for Rent, 01/03/03. (Read More)

National Consumer and Community Group Payday Loan Letter to Congress, 10/07/02. (PDF)

Consumer Groups Urge IRS to Provide Online Filing on Its Own Website, 09/05/02. (PDF)