News Topic: Payday lending

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. ... Read full article

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. ... Read full article

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. ... Read full article

Payday Loan LLC, which engages in lending and check cashing in 22 stores in California, sued the SBA on April 25 after its request for a $644,000 loan from the Paycheck Protection Program was denied. ... Read full article

Consumer groups are poised to take the bureau to court over its gutting of underwriting requirements, while House Democratic leaders could attempt a repeal through the Congressional Review Act. ... Read full article

A former economist says high-ranking officials engaged in “legally risky” behavior to downplay consumer harm; online payments and contactless transactions jumped in the first quarter, and some think the new habits will stick. ... Read full article

The agency is still moving forward on key regulations dealing with payday lending and mortgage underwriting despite new demands posed by the crisis. ... Read full article

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. ... Read full article

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

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

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

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. ... Read full article

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

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 ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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