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Tag Archives: payday

CFPB Spring 2015 agenda: significant rulemaking actions on the horizon

Posted in CFPB Rulemaking

Just in time for the holiday weekend, the CFPB released its Spring 2015 rulemaking agenda last Friday.  The agenda sets the following timetables: Prepaid financial products.  In November 2014, the CFPB issued a proposed rule for prepaid financial products, including general-purpose reloadable prepaid cards and certain digital and mobile wallets.  The agenda indicates that the CFPB… More >

US Hispanic Chamber of Commerce and CFSA to hold May 13 summit on CFPB short-term lending rulemaking

Posted in Payday Lending

On May 13, 2015, the United States Hispanic Chamber of Commerce (USHCC) and the Community Financial Services Association of America (CFSA) will host a policy and research summit in Washington, D.C. on “Consumer Credit Under Assault: Does the Data Support the Rhetoric?” At the summit, there will be a discussion of the CFPB’s recent contemplated… More >

Report from SBREFA Panel on Payday, Title and Installment Loans

Posted in Payday Lending, Vehicle Loans

Yesterday, I had the opportunity to participate as an advisor to a small entity representative (“SER”) at the small business review panel on payday, title and installment loans.  (Jeremy Rosenblum has four posts—here, here, here and here—that analyze the rules being reviewed in detail.)  The meeting was held in the Treasury Building’s Cash Room, an impressive, marble-walled room… More >

CFPB speaks at PLI’s annual Consumer Financial Services Institute

Posted in CFPB Enforcement, CFPB Exams, CFPB Rulemaking

Key members of the CFPB’s enforcement, regulatory and supervision offices spoke yesterday at PLI’s 20th Annual Consumer Financial Services Institute in New York City.  The session addressed recent developments and upcoming initiatives at the CFPB, and took the form of a Q&A between the moderator and a panel of practitioners and CFPB personnel. The panelists… More >

The CFPB’s contemplated payday/title/high-cost lending proposals: our thoughts on collection practice limits

Posted in Payday Lending, Vehicle Loans

This is the last of a series of blog posts in which we share our reactions to the CFPB’s contemplated proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”).  In this blog post, we share our thoughts on the CFPB’s proposed limits on payment collection practices.  (Our previous blog posts have looked… More >

Some issues for “longer-term” loans under the CFPB’s contemplated payday/title/high-cost lending proposals

Posted in Payday Lending, Vehicle Loans

In this blog post, we share our thoughts on the 36% “all-in” rate trigger and restrictions for loans considered to be “longer-term” under the CFPB’s contemplated proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”).  (Our previous blog posts have looked at the CFPB’s grounds for the proposals, how the proposals will… More >

Some issues for “short-term” loans under the CFPB’s contemplated payday/title/high-cost lending proposals

Posted in Payday Lending, Vehicle Loans

In this blog post, we share our thoughts on how the CFPB’s contemplated proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”) will impact “short-term” Covered Loans and the flaws we see in the CFPB’s ability to repay analysis.  (Our last blog post looked at the CFPB’s grounds for the proposals.) Impact.  The CFPB plans to provide… More >

CFPB Fall 2014 rulemaking agenda indicates further delay in proposed debt collection and other rules

Posted in CFPB Rulemaking

Based on the CFPB’s Fall 2014 rulemaking agenda, proposed rules dealing with payday loans/deposit advance products, overdrafts, and debt collection are still months away. The CFPB’s timetables for “prerule activities” are February 2015 for payday loans/deposit advance products, July 2015 for overdrafts, and April 2015 for debt collection.  The CFPB’s Spring 2014 agenda had given… More >

Federal district court grants CFPB petition to enforce CIDs issued to tribal lenders

Posted in CFPB Enforcement, Payday Lending

A California federal court recently issued an order granting the CFPB’s petition to enforce its civil investigative demands (CIDs) issued to three tribally-affiliated payday lenders.  However, the court also granted the lenders’ request for a stay pending their appeal to the Ninth Circuit.  Although the CFPB did not oppose the stay, the court nevertheless found… More >

House to hold hearings on “Operation Choke Point”

Posted in Payday Lending

Two House committees have scheduled hearings this week on “Operation Choke Point,” the coordinated federal multiagency enforcement initiative targeting banks serving online payday lenders and other companies that have raised regulatory concerns.  Tomorrow, July 15, the House Financial Services Committee will hold a hearing entitled “The Department of Justice’s ‘Operation Choke Point.’”  The witnesses scheduled… More >

CFPB replies to tribally-affiliated lenders’ opposition to CIDs

Posted in CFPB Enforcement, Payday Lending

Last Friday, the CFPB replied to the arguments made by three tribally-affiliated payday lenders in opposition to the CFPB’s petition in California federal court seeking to enforce the civil investigative demands (CIDs) issued by the CFPB to the lenders.  A hearing on the petition was scheduled for yesterday.    The lenders argued that, as arms of… More >

Hints of future payday rule-making

Posted in Payday Lending

Laura Udis, the CFPB’s program manager for the payday lending industry, spoke on April 10 in Los Angeles on a panel sponsored by the American Bar Association Consumer Financial Services Committee.  CFPB staff members are generally somewhat constrained in commenting on future CFPB actions.  However, Ms. Udis advised that, in its rule-making, the CFPB may… More >

CFPB amends CashCall complaint

Posted in Payday Lending

The CFPB has filed an amended complaint in its lawsuit against CashCall and several related companies that funded, purchased, serviced and collected online payday loans to identify additional states in which the loans defendants sought to collect were purportedly void in whole or in part as a matter of state law.  The loans in question… More >

CFPB files petition in CA federal court to enforce CIDs issued to tribal payday lenders

Posted in Payday Lending

The CFPB recently filed a petition in U.S. District Court for the Central District of California seeking to enforce the civil investigative demands (CIDs) it issued in June 2012 to three tribally-affiliated payday lenders.  A hearing on the petition has been scheduled for April 28. In September 2013, the CFPB issued an order denying the lenders’… More >

CFPB bootstraps purported state law violations into attack on online payday lending companies

Posted in CFPB Enforcement, Payday Lending

The CFPB has broken new ground in an attack in Massachusetts federal court against CashCall, several related companies and their principal.  The companies funded, purchased, serviced and collected online payday loans made by a tribally-affiliated lender the CFPB did not sue.  The defendants were charged with engaging in unfair, deceptive and abusive acts and practices… More >

Director Cordray targets payday and student lenders in remarks to Consumer Advisory Board

Posted in Payday Lending, Student Loans

Director Cordray’s prepared remarks for yesterday’s meeting of the CFPB Consumer Advisory Board contained some particularly ominous signs for student and payday lenders. In the student lending area, Mr. Cordray focused on perceived similarities between servicing problems experienced by mortgage loan borrowers and those experienced by student loan borrowers.  Observing that student loan servicing has the “same problematic [financial] incentive… More >

Congress passes bill giving CFPB authority to enforce Military Lending Act and creating civil liability for violations

Posted in CFPB Enforcement, Payday Lending

The 2013 Defense Authorization Bill (H.R. 4310), currently awaiting signature by President Obama, makes several changes to the Military Lending Act.  Last week, both the House and Senate agreed to the conference report.  The MLA, as implemented by rules issued by the Department of Defense, imposes a 36% rate cap on tax refund loans and… More >

Cordray sets sights on mortgage originators and servicers, payday and student lenders

Posted in CFPB People, Hot Issues, Mortgages

Now that it has a director, the CFPB will waste no time in beginning to exercise its authority to regulate mortgage originators and servicers and payday and student lenders. That’s the message Richard Corday began delivering yesterday following his appointment as CFPB Director. The Dodd-Frank Act gave the CFPB the authority to make rules for… More >