Payday lending

CFPB poised to reinstate tough stance on payday lenders


A recent statement by acting Director Dave Uejio is the clearest signal that the agency plans to revive strong underwriting standards that the Trump administration eliminated.



Strike the right balance in regulating small-dollar lending


There are ways to remove bad actors from the industry — such as reinstating the Consumer Financial Protection Bureau’s payday lending rule and banning certain fees and collection practices — without hindering consumers’ access to emergency credit.


Biden’s CFPB nominee could take reins before Senate vote


If he’s confirmed as director of the Consumer Financial Protection Bureau, Rohit Chopra is expected to move quickly to undo Trump policies and address the pandemic’s impact on consumers. Some experts say he may even get the job on an interim basis before Congress acts.


LendUp overcharged military borrowers, CFPB says in lawsuit


The Consumer Financial Protection Bureau alleges that the online lender made loans that exceeded a federal cap on interest rates for active-duty service members.


CFPB grants safe harbor to Bank of America for small-dollar loans


The agency's "no-action" letter is intended to provide more regulatory certainty for the bank after it announced a short-term credit product available to checking account customers next year.


Cannabis and gambling: State ballot measures that matter to banks


Referendums that legalized marijuana and sports wagering in several states could incentivize banks to do business with companies in these sectors. Payday loan and privacy measures that passed Tuesday also have implications for the industry.


Two consumer groups sue CFPB over payday rule


The lawsuit filed on behalf of the National Association for Latino Community Asset Builders says the rule was based on “an invented evidentiary standard,” and failed to consider consumer protections mandated by Dodd-Frank.


Bank of America takes on payday lenders


Bank of America plans to offer some of its customers access to short-term loans, the latest blow to the payday lending industry.