Payday lending

CFPB’s (correct) decision to rescind payday limits comes at right time

07/08/20

Consumers now have more control over their own financial decisions and loan options.

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Deutsche Bank fined for Epstein dealings; FICO unveils 'Resilience Index'

07/08/20

The German bank agreed to pay $150 million to New York State for its dealings with Jeffrey Epstein; the new tool will help lenders determine which borrowers are in the best shape to weather a crisis.

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CFPB declares most agency rules still valid after high court decision

07/07/20

The agency sought to provide certainty that most actions from the past eight years remain in effect despite the ruling that the bureau's leadership structure is unconstitutional.

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CFPB makes it official, rescinds Cordray-era limits on payday lenders

07/07/20

The agency delivered long-anticipated regulatory relief to the small-dollar loan industry by eliminating ability-to-repay requirements imposed under the bureau’s former director.

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CFPB political appointee to be named agency's No. 2: Sources

07/02/20

Tom Pahl, a former longtime regulator at the Federal Trade Commission, has led key rulemaking efforts for the consumer bureau.

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HSBC sides with Beijing over Hong Kong; overdraft fee haul

06/04/20

The bank’s Asia-Pacific chief backs law giving greater mainland control over the territory; the Center for Responsible Lending said big banks took in almost $12 billion in overdraft fees last year, with the bulk of it paid by lower-income customers.

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The little-noticed power grab in regulators’ small-dollar guidance

06/02/20

An interagency notice meant to encourage lenders to offer small consumer loans also provides federal agencies too much say on what constitutes “reasonable” pricing.

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As Democrats urge pause in bank rules, GOP says hurry up

05/27/20

The congressional showdown over the pace of rulemaking during the pandemic is a hardening of older positions on banking policy ahead of the 2020 elections, observers said.

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CFPB offers templates for banks, servicers to seek 'no-action' letters

05/22/20

The templates are meant to make it easier to obtain agency approval for small-dollar loan products and to accommodate mortgage servicers that want to provide online loss mitigation options.

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California bill to pause foreclosures, repos draws fire from lenders

05/21/20

A Democratic measure to freeze foreclosures and auto repossessions through the coronavirus crisis while expanding eligibility for loan forbearance is getting strong pushback from banks and credit unions, which complain it would constrain credit.

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