Welcome!

News Feed Item

Consumer Rights Coalition (CRC) Highlights Consumer Voices on Need for Credit Access

Consumers Speak to Short-Term Loan Benefits During Natural Disasters, Health Emergencies and Economic Difficulties

WASHINGTON, DC -- (Marketwired) -- 04/24/13 -- Yesterday the Consumer Financial Protection Bureau (CFPB) released a white paper with initial findings on payday loans based on data they have collected. As has been shown in previous studies, the CFPB found that there is a demand for this type of loan and they can be helpful to consumers. While the CFPB expressed concern about long-term use of the product, the study did not compare short-term loans to other loan products, the consequences of a lack of access to these products or even how users of short-term credit feel about their experiences.

More than 215,000 consumers from across the nation have joined the Consumer Rights Coalition to protect their access to short-term credit and other financial options. They are concerned that the CFPB has the power to limit their credit choices and take away their ability to make the best financial decisions for their families. In 2011, CRC delivered over 170,000 petition signatures to the CFPB asking that the Bureau not restrict their access to reliable short-term credit options.

CRC wants to ensure that the voices of consumers will be heard and considered by the CFPB. CRC has a new interactive map where you can read and listen to these, and other stories, from real consumers about the importance of a variety of credit options.

I am a survivor of the April 27, 2011 tornado that devastated Tuscaloosa. We lost everything and I was hospitalized for a month from injuries inflicted in the tornado. We had home insurance, but were turned down by FEMA, which hurt us financially. We have been able to slowly get back on our feet, due to help from payday loans. We truly thank them for being there for us.
Sharon K., Tuscaloosa, AL

As a survivor of domestic violence, I had to start my life over again at age 60. Without credit or with poor credit due to job loss and relocation, no one would take a chance on me. I had NOTHING... Without the payday lender option, I would literally, be homeless.
Marsha K., Wellington, TX

The CFPB white paper mentions the first field hearing on payday loans held last year in Birmingham. At that hearing, Director Richard Cordray heard from LaDonna Banks who said that short-term loans provided her a lifeline after she donated a kidney and wasn't able to work. She said, "Short term disability didn't kick in for 3 weeks... I would have been in financial ruin, but that one little gap, that one loan actually helped me and kept me balanced above water."

Consumers choose short-term loans because they are usually the most cost effective and least credit-damaging option available. Research shows that most short-term loan borrowers use the loans moderately, as a short-term solution that enables them to avoid more costly and punitive options like bouncing checks or late bill payment penalties.

Short-term credit is vital to millions of Americans who are struggling to make ends meet in a struggling economy. These consumers do not want the CFPB to limit their credit options without providing an alternative or understanding the impact of a lack of credit access. Our members want policymakers to expand, not eliminate, the credit options available to them.

About Consumer Rights Coalition

The Consumer Rights Coalition (CRC) is a consumer-based organization dedicated to ensuring that Americans will continue to have access to all forms of credit. CRC's membership is made up of more than 215,000 consumers from across the nation who use a variety of retail or short-term financial products to manage their households. For more information, visit us at www.consumerrights.org.

CONTACT
Beth Parker
Email Contact
(202) 772-5009

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO) have entered into a definitive agreement under which Verizon will acquire Yahoo's operating business for approximately $4.83 billion in cash, subject to customary closing adjustments. Yahoo informs, connects and entertains a global audience of more than 1 billion monthly active users** -- including 600 million monthly active mobile users*** through its search, communications and digital content products. Yahoo also co...
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
"We view the cloud not really as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.