Payday lending

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.


Crackdown on bank-fintech partnerships would hurt subprime borrowers


Some legislators and consumer groups want federal regulators to block such alliances. Here’s why that’s a bad idea.


Supreme Court battle, presidential race loom over CFPB in 2020


The Consumer Financial Protection Bureau faces a busy policy agenda heading into the new year, as well as strong external forces that are beyond its control.


There’s a ‘true lender’ fight brewing in California


The state has proposed a law to cap the interest rate on certain consumer loans, but nonbanks aim to skirt it by seeking a rent-a-charter.


House Democrats spar over rate cap bill


Moderates on the Financial Services Committee are attempting to block legislation that would extend the 36% interest rate cap on loans to military personnel to all consumers.


Stern warning to lenders mulling end run around California rate caps


Federal and state policymakers wagged their fingers this week at high-cost lenders that might be looking to team with banks to evade a 36% ceiling on interest rates.


There's a better way to regulate small-dollar lending


Instead of imposing interest rate caps, policymakers should require online lenders to provide clear disclosures and promote partnerships with banks.


CFPB's final payday rule should be ready in spring, agency says


In an update of its rulemaking agenda, the bureau said it "expects to take final action in April 2020" on a proposal that would rescind strong underwriting requirements.


Arizona ballot effort reframes payday lending debate


Over the last decade, American voters have proved remarkably receptive to bans on high-cost consumer loans. Next year, a proposed ballot measure in a traditionally red state trending purple will offer a test case for the durability of that consensus.