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Arise 2020: Stop the debt trap for Alabama payday borrowers
A small loan shouldn’t be a sentence to months or years of deep debt. Everyone who needs to borrow money should have a reasonable pathway to repaying a loan without excessive costs. But in Alabama, high-cost payday loans cost struggling people tens of millions of dollars every year. As our recent report with Alabama Appleseed [...]
News Releases
Alabama Arise members vow to renew ‘untax groceries’ push in 2020
Ending the state sales tax on groceries is one of the top goals on Alabama Arise’s 2020 legislative agenda. Nearly 200 Arise members picked the organization’s issue priorities at its annual meeting Saturday in Montgomery. The seven issues chosen were: Tax reform, including untaxing groceries and ending the state’s upside-down deduction for federal income taxes, [...]
Blog
Learn more about Arise’s 2020 issue proposals
Grassroots democracy will be on display when Alabama Arise members choose our 2020 issue priorities at our annual meeting Sept. 7 in Montgomery. The following proposals will be up for a vote for our 2020 legislative agenda. Housing Trust Fund revenue Voting rights Criminal justice debt reform Death penalty reform Payday and title lending reform [...]
Blog
CFPB’s move to gut consumer protections shows need for state-level payday lending reform
The Consumer Financial Protection Bureau (CFPB) should serve consumers, not the industries it regulates. That’s why Alabama Arise submitted a comment last week objecting to the CFPB’s plan to reverse an important consumer protection. And that’s why Arise will continue to push for needed reforms at the Legislature. The federal ability-to-repay rule, set to take [...]
Fact Sheet
Federal ability-to-repay rule protects payday borrowers, Alabama Arise tells CFPB
Director Kathleen Kraninger: I read with disappointment your recent proposal to rescind the thoroughly considered, factually grounded Consumer Financial Protection Bureau (CFPB) rule provision mandating ability-to-repay determinations by lenders offering payday, title and balloon loans. As a policy organization working to advance the public good in a state with wholly insufficient consumer protections for borrowers, [...]
Blog
Arise legislative recap: May 10, 2019
The Consumer Financial Protection Bureau (CFPB) is threatening to reverse a rule that promotes financial security for borrowers across the country. This week, we look at the CFPB’s proposal to eliminate a requirement for payday lenders to determine whether borrowers have the ability to repay before lending to them. Arise’s Mike Nicholson discusses this proposed [...]
Blog
Payday lending is crushing Alabama communities. Our new report offers solutions
Alabama has more payday and title lenders than hospitals, high schools, movie theaters and county courthouses combined. The industry churns a profit out of desperate, financially fragile borrowers. And unfortunately, Alabama’s weak consumer protections provide them with plenty. We explore these problems in depth and offer policy solutions in “Broke: How Payday Lenders Crush Alabama [...]
Report
Broke: How payday lenders crush Alabama communities
Alabama Arise and Alabama Appleseed Center for Law and Justice teamed up to produce this report on the history, financial effects and human impact of high-cost payday lending in our state. The report highlights and executive summary are below. Click here to read the full report, or click the "Download" button at the top of [...]
Blog
The CFPB should keep protections for payday borrowers
Borrowers across the country deserve stronger protections, not weaker ones. Unfortunately, the Consumer Financial Protection Bureau (CFPB) recently decided to reopen its 2017 rulemaking on payday lending. And that move would put the financial health of hundreds of thousands of people at risk. The CFPB director seeks to eliminate a requirement for payday lenders to [...]
Fact Sheet
30 days to pay: A simple but important step forward on payday lending reform in Alabama
Alabama borrowers pay interest rates of 456 percent a year on payday loans. These high-cost loans trap thousands of struggling Alabamians in a debt cycle that deepens poverty and hurts the state’s economy. SB 75, sponsored by Sen. Arthur Orr, R-Decatur, along with a House version sponsored by Rep. Danny Garrett, R-Trussville, would extend the [...]