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
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
To paraphrase someone famous, "The definition of insanity is to do something the same way over and over again and expect a different result". Humans are creatures of habit and when it comes to storage, old habits die hard. Why do we continue to put our faith in legacy storage providers when they haven't invented anything new in decades. Sure, they re-badge their products every couple of years to make their messaging look modern, but ultimately, it's the same old stuff with a new coat of lipsti...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
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...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...