CFPB, Federal Agencies, State Agencies, and Attorneys General
Early in the day this week, with a party-line 34-26 vote, the House Financial solutions Committee passed H.R. 4861, a bill apparently meant to relieve restrictions on short-term, small-dollar loans created by depository organizations. The bill is component regarding the efforts of House Republicans to deliver greater regulatory relief to banks than will be given by S.
OCC responds to CFPB’s last pay day loan guideline by rescinding its deposit advance item gu
Hours following the CFPB circulated its final payday/auto title/high-rate installment loan guideline on October 5, 2017, the OCC rescinded its gu …
CFPB issues proposed payday/auto title/high-rate installment loan guideline
Not surprisingly, the CFPB issued its payday that is proposed loan, in a launch operating 1,334 pages. The CFPB additionally issued a known reality sheet summarizing the proposition. On June 15, 2016, from 12 p.m. to 1 p.m. ET, we shall hold a webinar regarding the proposition: The CFPB’s Proposed Payday/Auto Title/High-Rate Installment Loan Rule: Can …
On March 26, the CFPB held a hearing that is public payday and automobile title lending, the exact same time so it circulated proposed laws for short-term small-dollar loans. Virginia Attorney General, Mark Herring provided starting remarks, during which he asserted that Virginia is regarded as the “predatory lending capital associated with the East Coast,” suggesting that payday …
CFPB shows its hand on payday (and name and longer-term high-rate) lending
The CFPB has relocated one step nearer to issuing loan that is payday by releasing a news release, factsheet and outline for the proposals it really is cons …
CFPB verifies plans for automobile finance bigger participant guideline in rulemaking agenda
When you look at the latest semi-annual change of its rulemaking agenda, the CFPB formally confirmed so it intends to propose a guideline to determine “larger individuals of an industry for auto lending.” The formal verification follows statements produced by Steven Antonakes at a Consumer Bankers Association meeting in April 2014 that the CFPB’s next bigger participant rule …
CFPB to put on March 25 pay day loan field hearing
The CFPB has established so it shall be keeping a field hearing on payday advances on March 25, 2014 in Nashville, Tennessee. The function will feature remarks by Director Cordray and testimony from customer teams, industry users, therefore the average man or woman.
The CFPB’s rulemaking agenda given at the conclusion of final included “prerule activities” year …
OCC and FDIC continue on risk to kill deposit advance loans
We discovered much to criticize whenever CFPB issued its White Paper this April that is past on and deposit advance loans. Nonetheless, we stay hopeful that the CFPB can make good on its dedication that any rule-making on these issues is likely to be evidence-based.
Unfortuitously, the OCC and FDIC have never taken that approach. Rather, the …
CFPB reports payday loans louisiana payday and deposit advance loan findings at Senate pay day loan hearing
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 main focus of their testimony during the hearing held on July 24 by the Senate’s Special Committee on Aging entitled “Payday Loans: Short-term Solution or long-lasting Problem?”
Once we formerly reported …
Elizabeth Warren and Bill Nelson help OCC and FDIC on deposit improvements
A buddy delivered to my attention a two-page remark page from Senators Elizabeth Warren and Bill Nelson, commenting regarding the OCC’s proposed deposit advance guidance, the topic of a previous web log. This is a remarkable for a letter co-authored by the single person most responsible for the creation of the CFPB.
