Make Your Voice Heard About Payday Lending
By Kathryn Hazelett Back in 2004, Southern was a part of a group called Arkansans Against Abusive Payday Lenders (AAAPL), whose sole purpose was to remove payday lenders from Arkansas. It took another five years, many hours in court, and strong advocates in both the...Southern Bancorp Statement on Recently Announced CFPB Rule Change Affecting Payday Lenders
Little Rock, Ark. – Southern Bancorp, a Community Development Financial Institution (CDFI) with operations in Arkansas and Mississippi, announced its opposition to this week’s proposed Consumer Financial Protection Bureau (CFPB) rule change that would remove...
Policy Points 44: Good Guys Answer the Call
Providing Safe, Affordable, and Profitable Small Loans as the Regulatory Landscape Evolves Read the full Policy Points here.
Into the Light: A Survey of Arkansas Borrowers Seven Years after State Supreme Court Bans Usurious Payday Lending Rates
In 2009, the last Arkansas payday loan store closed for business. At the industry’s peak, three years earlier, payday lenders operated 275 stores across the Natural State. Arkansans Against Abusive Payday Lending (AAAPL – www.stoppaydaypredators.org), a...Reversing the Tide on Payday Loans in Mississippi
Southern Bancorp has been a longtime advocate for policies, programs and products that promote family economic security. A part of this advocacy includes efforts to eliminate predatory practices such as payday lending. In our most recent Policy Points edition,...
Payday Lending
On March 18, 2008, Arkansas Attorney General Dustin McDaniel ordered payday lenders licensed and regulated in Arkansas to stop making loans and forgive all outstanding loans.