Refund Anticipation Loans - Press

February 9, 2012
By Cyril Josh Barker February 9, 2012   As tax season begins in the nation, tax companies are once again targeting low-income filers with the so-called "convenience" of refund anticipation loans (RALs). However, city officials advise taking a look at some other options before taking the loan that...
January 8, 2012
By Rep. André Carson January 8, 2012   Earlier this week, President Barack Obama stood before an excited crowd in Shaker Heights, Ohio to boldly announce his appointment of former Ohio Attorney General Richard Cordray as the first Director of the Consumer Financial Protection Bureau (CFPB). This...
May 5, 2010
By Curtis Black May 5, 2010   Under pressure from consumer groups and increased regulatory scrutiny, JPMorgan Chase has announced it will no longer offer income tax refund anticipation loans, known as RALs. Woodstock Institute president Dory Rand issued a statement commending Chase “for (finally)...
April 7, 2010
By Martha WhiteMarch 31, 2010 Despite years of efforts to rein in the practice, lightly regulated tax preparers will be permitted to continue peddling high-cost refund anticipation loans once again this tax season to the most vulnerable filers, as tougher rules to curb the practice languish in...
March 31, 2010
By Kevin Drum March 31, 2010 Over at the Washington Independent, Martha White has a good piece about tax preparers who prey on low-income filers by hard selling refund anticipation loans, which typically boast effective interest rates of anywhere from 50% to 1000%. The whole thing is worth reading...
March 29, 2010
By Mark LawtonMarch 29, 2010 Many residents in Franklin Park and Northlake are getting their tax refunds back a little early but at a much higher cost. Those residents use refund anticipation loans, essentially a loan against a person's tax refund. The loans are available to anyone but tend to be...
March 3, 2010
By Karen HarrisMarch 3, 2010 What are RALs? The dreaded tax season is back and so are notorious refund anticipation loans (RALs). RALs are short-term, high-interest-rate bank loans sold through tax preparation sites like H&R Block and Liberty Tax. The problem with RALs, in part, is how they are...
March 2, 2010
By Curtis BlackMarch 2, 2010 With tax season underway, there’s lots going on with tax refund anticipation loans (RALs), including stepped up regulation and expanded support for free volunteer tax assistance programs which offer alternatives. Consumer advocates continue to press for the elimination...