News Topic: Payday lending

Delaying the rule's effective date or refocusing it on disclosure requirements are among the options for the Consumer Financial Protection Bureau's acting director to ease its impact on the industry. ... Read full article

A Georgia Supreme Court case sheds light on the lengths that the often assailed industry has gone to shape policy outcomes. It also raises the question of whether, in evaluating industry-funded research, it is enough to assess the published study itself, ... Read full article

Lobbyists for the payday loan industry are getting a warmer reception in state capitals in 2018 than they did last year. One of their key arguments is that the federal crackdown on payday loans, which is now on hold, requires a response from the states. ... Read full article

Top Democrats in the House and Senate sent a letter to Mick Mulvaney on Wednesday questioning his decision to delay the implementation of the Consumer Financial Protection Bureau’s payday loan rule. ... Read full article

Elizabeth Warren takes acting CFPB director Mick Mulvaney to task over his decision on data collecting; B of A gets heat from harrassment reveal and free checking halt; and more. ... Read full article

The Consumer Financial Protection Bureau appears to have concluded no enforcement action is necessary for World Acceptance Corp., which had been accused of trying to profit from repeat borrowers. ... Read full article

The agency had accused the lenders of deceiving consumers and failing to disclose the true cost of the loans, which carried interest rates as high as 950% a year. ... Read full article

The Consumer Financial Protection Bureau faces significant obstacles in reopening the payday lending rule including likely legal challenges and a lengthy compliance process with the Administrative Procedure Act. ... Read full article

Write-down clears the decks for better times ahead; the agency’s acting head is looking to revamp strict rule that went into effect on Tuesday. ... Read full article

The Consumer Financial Protection Bureau said Tuesday it will reopen the payday lending rule, on the same day the controversial rule technically went into effect. ... Read full article

Criticism of payday lenders is deserved and Congress should not throw out the CFPB's short-term lending measure. ... Read full article

Regional and community banks will offer low-cost or no-cost financial products through Bank On, which has already reached agreements with Regions Bank, Wells Fargo and SunTrust. ... Read full article

While a robust dialogue about all forms of financial products is critical and regulation to protect consumers is necessary, removing a source of credit for hard-working Americans and eliminating choice should not be the focus of any federal agency. ... Read full article

The short-term loan industry is suddenly playing offense in Washington following Mick Mulvaney's appointment as acting head of the Consumer Financial Protection Bureau. ... Read full article

The agency has suffered a series of setbacks over the past two months, from a rollback of its arbitration rule to a legal battle over its leadership. Here's what happened — and where the agency might lose next. ... Read full article

Mick Mulvaney, the agency's acting director, said he believes the small-dollar lending rule is too far along to roll back through regulation but hopes Congress will repeal it. ... Read full article

The nomination of Jelena McWilliams to chair the Federal Deposit Insurance Corp. moves the Trump administration one step closer to completing its team of regulatory appointments in its push to undo former President Obama's post-crisis policies. ... Read full article

The bill would use the Congressional Review Act to overturn the payday rule, a procedure that allows Congress to overturn agency regulations with a majority vote. ... Read full article