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Payday Lending


Results 1 - 10 of 185

Fifth Circuit doubts resurrection of payday loan fight

Posted Date: Monday, May 16, 2022
The Fifth Circuit heard appeals from the trade groups challenging a 2017 CFPB rule on payday and high-rate installment loans. The trade groups are arguing the CFPB did not have the authority to enact the rule.

Read on for more details.

Read on »

PayPal faces class action suit over buy now, pay later

Posted Date: Wednesday, March 9, 2022
A class action suit against PayPal has been filed in the U.S. District Court for the Northern District of California. The complaint alleges that PayPal targeted and misled poor consumers to get them to use PayPal’s “Pay in 4” service.

Read on for more details.

Read on »

Bill introduced to cap interest rates

Posted Date: Tuesday, December 7, 2021
Rep. Jesús García (D-Ill.) and 16 other representatives introduced HR 5974, a bill to amend the Truth in Lending Act to extend consumer credit protections provided to members of the armed forces and their dependents to all consumers.

“This bipartisan bill expands the time-tested protections of the Military Lending Act to veterans, military families, and other consumers. Congress should act with haste to advance it to protect families from this unpayable debt,” García said.

For more details on the legislation, read on.

Read on »

Payday loan rule upheld by Texas district court

Posted Date: Tuesday, September 14, 2021
After more than three years since originally filed, the case against the Consumer Financial Protection Bureau regarding its 2017 payday lending rule has ended in the U.S. District Court for the Western District of Texas.

U.S. District Judge Lee Yeakel issued an order finding in favor of the bureau, but not without giving some leeway to the plaintiff associations.

Read on for more details.

Read on »

CFPB proposes delay for debt collection rules

Posted Date: Monday, April 12, 2021
The Consumer Financial Protection Bureau issued a notice of proposed rulemaking to delay the effective date of two debt collection rules passed late 2020. The rules are set to take effect Nov. 30, 2021.

The proposed delay is meant to give affected parties more time to comply in light of the ongoing COVID-19 pandemic.

Read on for more details.

Read on »

Payday loan rule faces another challenge

Posted Date: Thursday, December 17, 2020
Another lawsuit has been filed concerning the Consumer Financial Protection Bureau’s (CFPB) payday loan rule.

The complaint challenges the 2020 repeal of the underwriting provision of the rule and alleges the CFPB relied on “arbitrarily truncated analysis” and executed the repeal without observance of the rulemaking procedure required by the Administrative Procedures Act.

To learn more about the plaintiff’s argument, read on. Read on »

CFPB files suit against company offering loans to ride-share drivers

Posted Date: Friday, November 13, 2020
The Consumer Financial Protection Bureau filed a lawsuit against Driver Loan, LLC, and its CEO for allegedly engaging in deceptive acts or practices.

According to the complaint, the company allegedly made misrepresentations about the APR for its small dollar loans and made misleading statements to depositors in its program called the “DriverLoan Investors Club”.

For more details on the lawsuit, read on. Read on »

CFPB payday loan rule battle continues

Posted Date: Friday, October 30, 2020
In its response to Community Financial Services Association of America and a Texas trade group’s suit alleging the payday loan rule is illegal, the Consumer Financial Protection Bureau stated the rule was valid because Director Kathy Kraninger ratified it.

Plaintiffs and defendant have filed motions for summary judgment with the federal court in the Western District of Texas.

Read on for details.  Read on »

Payday lenders allege CFPB loan rules illegal

Posted Date: Tuesday, October 13, 2020
The Consumer Financial Services Association of America and a Texas trade group are asking a federal judge to invalidate the Consumer Financial Protection Bureau’s payday loan rule, citing a recent U.S. Supreme Court case, the Administrative Procedures Act, and other precedents.

The payday loan rule has been controversial since its enactment in 2017.

Read on for details.

Read on »

CFPB adds to FAQs on payday rule

Posted Date: Tuesday, August 18, 2020

The Consumer Financial Protection Bureau released a new set of frequently asked questions regarding its recently finalized small-dollar lending rule.

Among the questions addressed is what qualifies as a “business day” in regards to the rule.

Read on for more details from the bureau’s guidance.

Read on »
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