Payday lending

CFPB urged to take more active role in coronavirus response


The agency has relaxed some reporting requirements and joined other regulators in encouraging banks to help borrowers, but pressure is building on the bureau to do more to aid consumers suffering financial hardship.


Consumers seek early access to wages to soften coronavirus hit


Workers living paycheck to paycheck are borrowing from companies like PayActiv, DailyPay and Branch to survive the economic impact of the pandemic.


CFPB chief takes heat from Senate Dems for regulators' response to virus


Kathy Kraninger was grilled about whether her agency and others were doing enough to cushion consumers from the economic blow of the coronavirus crisis.


When’s the last time a lawmaker needed a small-dollar loan?


Maybe Congress shouldn’t be so quick to change laws without real-world input.


Will the U.S. ever enact a national interest rate cap?


Most states have some kind of pricing limit on consumer loans. But proposals for a national usury law divide even Democrats, some of whom are concerned about restricting credit.


Dear Congress: Do away with the rent-a-bank ruse


Payday lenders have long used bank partnerships and similar means to circumvent state interest rate caps. Lawmakers should stop such practices now.


CFPB settlement would bar lender from doing business in 17 states


Think Finance, which had teamed with tribal lenders to offer high interest installment loans, could no longer make or collect on loans in states that have caps on interest rates, under terms of a proposed settlement with the Consumer Financial Protection Bureau.


Why House Democrats are at odds over rate cap bill


An intraparty rift went public Wednesday over legislation that would impose a 36% rate limit on all consumer loans. Critics are concerned it would cut off minority borrowers’ access to small-dollar loans and hurt some community banks.


Senate Dems urge CFPB watchdog to investigate restitution practices


In a letter to the agency's inspector general, the 15 lawmakers pointed to specific cases where they said the bureau departed from legal standards in deciding not to require restitution.


Can California's mini-CFPB pick up slack left by federal agency?


Former CFPB Director Richard Cordray and consumer advocates have designed a proposed state consumer agency that would subject more financial firms and fintechs to state oversight.