CFPB chief mentions payday ‘research,' and heads turn
A remark by Director Kathy Kraninger during a congressional hearing has renewed a fierce debate over how the agency uses academic studies to support rulemakings. ... Read full article
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Nothing comes easy for CFPB in payday lending rule
The restriction on how often a borrower’s account is debited was supposed to be relatively straightforward, but one lender is trying to fight that provision. ... Read full article
FDIC, payday lenders agree to settle Choke Point lawsuit
As part of the deal, the agency summarized its policy on account terminations and issued a letter acknowledging that some employees “acted in a manner inconsistent with FDIC policies with respect to payday lenders.” ... Read full article
Payday lender's emails tell a different story on Choke Point
Top executives at Advance America acknowledged that anti-money-laundering concerns at banks were likely the cause of account terminations, even as they publicly blamed a stealth regulatory campaign. ... Read full article
OCC once wanted payday lenders to 'stay the hell away' from banks. No longer
The agency's decision to lift a 2002 consent order against Ace Cash Express could lead to a revival of partnerships between national banks and payday lenders. ... Read full article
Payday lender to settle fee-practices probe
California officials had accused Advance America of wrongly assessing Department of Motor Vehicles fees on its payday loans to skirt the state's interest rate cap. ... Read full article
Payday lenders push for even friendlier rules in Oklahoma
An industry-backed bill that is headed to the desk of Gov. Mary Fallin is seen by critics as an effort to minimize the impact of a potential CFPB crackdown. ... Read full article
Alternative Financial Services Industry: Never Heard Of It?
The Alternative Financial Services Industry (AFSI). Never heard of it? ... Read full article