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 designed to relieve limitations on short-term, small-dollar loans produced by depository organizations. The bill is a component associated with efforts of House Republicans to produce greater relief that is regulatory 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the CFPB circulated its final payday/auto title/high-rate installment loan guideline on October 5, 2017, the OCC rescinded its gu …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 problems proposed payday/auto title/high-rate installment loan guideline
Needlessly to say, the CFPB issued its proposed pay day loan guideline, 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 are going to 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, exactly the same time so it circulated proposed laws for short-term small-dollar loans. Virginia Attorney General, Mark Herring offered starting remarks, during that he asserted that Virginia is regarded as the “predatory lending capital associated with 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 cash advance guidelines by releasing a news release, factsheet and outline associated with proposals it really is cons …
CFPB verifies plans for car finance bigger participant guideline in rulemaking agenda
Into the latest semi-annual upgrade of the rulemaking agenda, the CFPB formally confirmed it intends to propose a rule 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 keep March 25 cash advance field hearing
The CFPB has established it will be keeping a field hearing on pay day loans on March 25, 2014 in Nashville, Tennessee. The function will feature remarks by Director Cordray and testimony from customer teams, industry users, and also the public that is general.
The CFPB’s rulemaking agenda released at the conclusion of final included “prerule activities” year …
OCC and FDIC continue on danger to kill deposit advance loans
We discovered much to criticize as soon as the CFPB issued its White Paper this April that is past on and deposit advance loans. Nonetheless, we stay hopeful that the CFPB can certainly make good on its dedication that any rule-making on these issues will likely to be evidence-based.
Regrettably, the OCC and FDIC never have taken that approach. Alternatively, the …
CFPB reports payday and deposit advance loan findings at Senate pay day loan hearing
David Silberman, the CFPB’s Associate leading site 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 because of the Senate’s Special Committee on Aging entitled “Payday Loans: Short-term Solution or long-lasting Problem?”
Even as we formerly reported …
Elizabeth Warren and Bill Nelson help OCC and FDIC on deposit improvements
A buddy taken 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 blog that is prior. This is a remarkable for a letter co-authored by the single person most responsible for the creation of the CFPB.