Payday lending

Banks, consumer groups both got what they wanted in ‘mini-CFPB’ bill

08/31/20

The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms.

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Can small-dollar loans be both profitable and fair?

07/29/20

Regulators are urging banks to offer small-dollar loans again and lifting existing restrictions on nonbank lenders. But the real challenge is making those loans favorable to consumers without losing money.

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CFPB’s Kraninger faces Democratic firing squad over payday rule

07/29/20

Members of the Senate Banking Committee took the agency’s leader to task for eliminating underwriting requirements for small-dollar lenders, which lawmakers said has left consumers more vulnerable during the pandemic.

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Uncertainty about CFPB has banks leery of small-dollar lending

07/19/20

Trump-appointed regulators gave the industry the green light to offer installment loans during the pandemic. But with concerns that the light could turn red in 2021, bankers remain extra cautious.

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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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