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Results 1 - 10 of 179 |
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 »
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 »
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 »
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 »
Posted Date: Tuesday, July 7, 2020
The Consumer Financial Protection Bureau has finalized as proposed its amendments to the 2017 small-dollar lending rule, rescinding the ability to repay provisions of the original rule and all the determinations that went along with it.
The bureau declined, however, to abandon the payments provisions of the original rule, and Director Kathy Kraninger ratified those measures in finalizing the rule.
Read on for details from the new rule as well as industry reaction. Read on »
Posted Date: Tuesday, June 9, 2020
A payday lender accused of overcharging customers when it amortized payments for consumers has settled with the Consumer Financial Protection Bureau.
The bureau announced it would collect $2 million of the more than $3.5 million of overcharges to 4,129 consumers over a four-year period.
Read on for details of the bureau’s enforcement action. Read on »
Posted Date: Friday, May 29, 2020
Looking to provide a path forward for lenders considering small-dollar products to offer consumers, federal financial regulators recently issued principles for conducting small-dollar lending.
The principles were released by the Federal Deposit Insurance Corp., the Federal Reserve, the National Credit Union Administration and the Office of the Comptroller of the Currency.
Read on for details from the agencies’ statement and principles. Read on »
Posted Date: Friday, April 3, 2020
Staff at the Consumer Financial Protection Bureau reportedly is working remotely after workers earlier reported positive tests for coronavirus. But wherever staff is, they clearly are working.
The bureau announced its first enforcement action since March 9, before the pandemic began to shut down work across the country, saying it reached a settlement with Cottonwood Financial Ltd., which operates as Cash Store.
Read on for details of the bureau’s first enforcement action in three weeks. Read on »
Posted Date: Friday, March 27, 2020
Federal financial regulators issued new guidance in the hopes of encouraging banks and credit unions to issue small-dollar lending options to individuals and small businesses looking for liquidity in a time of business disruption.
The statement said the agencies recognized that responsible small-dollar loans can play an important role in meeting customers’ credit needs because of temporary cash-flow imbalances, unexpected expenses, or income disruptions during periods of economic stress or disaster recoveries.
Read on for more details about the announcement, including new information about deadlines for Call Reports. Read on »
Posted Date: Tuesday, March 24, 2020
As states across the country have reduced workforces to essential businesses, the financial services industry and its support chain have remained among the essential businesses in operation.
Trade associations representing the payday lending industry announced that they are proud to provide essential products to individuals and businesses and stand ready to provide needed liquidity in a time of business disruption.
Read on for more details from the associations’ announcement. Read on »
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