CDF Blog

Comments on the CFPB’s Proposed Payday Lending Regulations

BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Part 1041

[Docket No. CFPB-2016-0025]

RIN 3170–AA40

Payday, Vehicle Title, and Certain High-Cost Installment Loans

 

Submitted By Community Development Finance 3411 East 12th Street, #124 Oakland, CA 94601 510 479-1037

October 6, 2016

 

Community Development Finance (CDF) operates […]

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David Dayen, celebrated finance journalist, features Community Check Cashing in a CDFI/CCC-focused article in Salon!

One little storefront in Oakland cannot change the world. Or maybe it can. With enough funding, a non-profit foothold in the small-dollar loan market can ease the burden of perpetual debt on vulnerable communities. And Community Check Cashing’s […]

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(by Matt Stannard, Occupy.com. Originally published at TruthOut, April 23, 2016)

Dan Leibsohn has been concerned about economic injustice and insecurity for a very long time. “I have tried to address issues of social justice in all of my work throughout my adult life,” says Leibsohn, founder of Community Development Finance, an Oakland-based […]

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CDF will be one of four organizations honored at the event below — please join us!

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Originally published at NonProfitPro, written by Tivoni Devor:

The payday loan industry generates $11 billion in revenue. It is also a hated, predatory sector that uses its size to influence legislation in order to keep it alive and growing. It’s an industry that everybody hates, but nobody has a clear answer on how to […]

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Interested in how Payday loans compare to the other financial issues faced by underbanked populations? You’re in luck! In the following draft PDF, CDF founder Dan Leibsohn shares draft research conclusions from data generated through CDF’s flagship Community Check Cashing nonprofit money services storefront.

Click to view or download via PDF: Payday Loans, Debt […]

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Community Check Cashing, the only nonprofit check cashing store in the country located in the Fruitvale neighborhood of Oakland, California, offers much lower prices, provides financial coaching for individuals and groups, maintains ties to banks and credit unions for referring people for accounts and loans, and develops policy proposals. It has saved an estimated $1.2 million for its customers […]

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Via The Guardian on October 1, 2015: We’ve created a world where personal data gets passed back and forth between credit agencies, data brokers, and corporations, and we’re obviously not doing a great job of designing and safeguarding those pathways. A system out of control!

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Via Techcrunch on 9/30: SoFi has expanded from Student Loan refinancing to other types of credit, including personal loans and mortgages. It will be interesting to see how the Majors react as these “marketplace” upstarts continue to make noise…

 

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written by Dan Leibsohn

Payday Loans

The issue of payday lending and other high interest installment loans for mostly low income people with poor credit has become a large issue throughout the country recently. The Consumer Financial Protection Bureau (CFPB) has brought this issue into even greater focus recently with the announcement of its […]

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