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Category Archives: Deposit Advance Loans

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CFPB issues proposed payday/auto title/high-rate installment loan rule

Posted in Auto Title Loans, CFPB Rulemaking, Deposit Advance Loans, Payday Lending

As expected, the CFPB issued its proposed payday loan rule, in a release running 1,334 pages.  The CFPB also issued a fact sheet summarizing the proposal.  On June 15, 2016, from 12 p.m. to 1 p.m. ET, we will hold a webinar on the proposal: The CFPB’s Proposed Payday/Auto Title/High-Rate Installment Loan Rule: Can Industry Adapt to… More >

CFPB holds hearing on payday and auto title loans in Richmond, VA

Posted in CFPB General, Deposit Advance Loans, Payday Lending, Vehicle Loans

On March 26, the CFPB held a public hearing on payday and auto title lending, the same day that it released proposed regulations for short-term small-dollar loans. Virginia Attorney General, Mark Herring gave opening remarks, during which he asserted that Virginia is perceived as the “predatory lending capital of the East Coast,” suggesting that payday… More >

CFPB shows its hand on payday (and title and longer-term high-rate) lending

Posted in Deposit Advance Loans, Payday Lending, Vehicle Loans

The CFPB has moved a step closer to issuing payday loan rules by releasing a press release, factsheet and outline of the proposals it is considering in preparation for convening a small business review panel required by the Small Business Regulatory Enforcement Fairness Act and Dodd-Frank.  The CFPB’s proposals are sweeping in terms of the… More >

CFPB confirms plans for auto finance larger participant rule in rulemaking agenda

Posted in Auto Finance, CFPB Rulemaking, Debt Collection, Deposit Advance Loans, Payday Lending, Prepaid Cards

In the latest semi-annual update of its rulemaking agenda, the CFPB officially confirmed that it plans to propose a rule to define “larger participants of a market for auto lending.”  The official confirmation follows statements made by Steven Antonakes at a Consumer Bankers Association meeting in April 2014 that the CFPB’s next larger participant rule… More >

CFPB to hold March 25 payday loan field hearing

Posted in Deposit Advance Loans, Payday Lending

The CFPB has announced that it will be holding a field hearing on payday loans on March 25, 2014 in Nashville, Tennessee.  The event will feature remarks by Director Cordray and testimony from consumer groups, industry members, and the general public.  The CFPB’s rulemaking agenda issued at the end of last year included “prerule activities” concerning… More >

CFPB reports payday and deposit advance loan findings at Senate payday loan hearing

Posted in Deposit Advance Loans, Payday Lending

David Silberman, the CFPB’s Associate Director of Research, Markets and Regulations, made the CFPB’s April 2013 white paper on payday and deposit advance loans the focus of his testimony at the hearing held on July 24 by the Senate’s Special Committee on Aging entitled “Payday Loans: Short-term Solution or Long-term Problem?”   As we previously reported,… More >

CFPB payday and deposit advance loans white paper draws industry fire

Posted in Deposit Advance Loans, Payday Lending

The CFPB’s white paper on payday and deposit advance loans received well-deserved criticism in a letter to Director Cordray from the Community Financial Services Association of America (CFSA), a national trade organization for payday lenders.   The CFSA’s letter characterizes the paper’s data as “demonstrably incomplete and misleading” and indicates that the paper’s “tone, conclusions, and… More >

OCC and FDIC proposed guidance could effectively ban deposit advance loans

Posted in Deposit Advance Loans, Payday Lending

Last Thursday, the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation proposed guidance on deposit advance loans.  The Federal Reserve Board declined to join the OCC and FDIC and instead provided a general warning that such loans need to be thoughtfully structured and lawfully provided.  Comments on the OCC and FDIC proposals must… More >