News Topic: Payday lending

OMB Director Mick Mulvaney said he would "fix" the CFPB by ensuring it protected consumers without cutting off access to financial services. His comments came as a federal judge declined to rule yet on the legality of Mulvaney's appointment. ... Read full article

Acting Comptroller of the Currency Keith Noreika has been the ultimate disruptor, bucking the normally low-key profile of interim regulators. ... Read full article

Mick Mulvaney, President Trump's likely interim head of the CFPB, has taken tough stances on the CFPB, its payday lending rule, housing finance reform and other issues pending before the agency. ... Read full article

A new Republican director of the Consumer Financial Protection Bureau is likely to take immediate action to change certain rules, including the "qualified mortgage" and payday rules, while curbing pending enforcement actions that are considered ... Read full article

Fifth Third, U.S. Bancorp and others aim to design a short-term credit product that would satisfy their various regulators, but exactly how and how quickly they should go about it is murky at this point. ... Read full article

Letting employees decide when they get paid through a mobile app that connects to a bank's prepaid card can serve the same purpose as a payday loan but cost the consumer less. ... Read full article

The Senate's repeal of the Consumer Financial Protection Bureau rule is arguably the industry's biggest policy victory since passage of Dodd-Frank. But is it the sign of a trend? ... Read full article

Readers weigh in on how women can advance in business, the regulatory playing field for banks and nonbanks, the CFPB's payday loan rule, ATM withdrawals made through mobile wallets, and more. ... Read full article

The payday lending industry is planning to use the same playbook employed by the financial services industry in its fight against the CFPB's arbitration rule. ... Read full article

The tech giant won praise from consumer groups for its decision to ban ads for high-cost consumer loans. But the policy contains a big loophole, and advertisers have found multiple ways to exploit it. ... Read full article

For all the anticipation that preceded the Consumer Financial Protection Bureau's final small-dollar lending rule, a picture of how the rule will affect banks and credit unions is still quite hazy. ... Read full article

The world of short-term lending was shaken up Thursday as one regulator issued a rule cracking down on payday loans while another made it easier for banks to offer an alternative product. ... Read full article

The Consumer Financial Protection Bureau has fined a California-based lead aggregator and its owner hundreds of dollars for allegedly directing consumers towards illegal loans that would be void in their states. ... Read full article

Consumer Financial Protection Bureau Director Richard Cordray said his possible political ambitions did not affect the small-dollar rule, while declining to spell out if he was running for office. ... Read full article

Following short-term disruptions from Harvey, Texas bankers expect a long-term lift to the local economy; Buffett’s company officially becomes the bank’s largest shareholder. ... Read full article

The Consumer Financial Protection Bureau’s likely decision to pare back its final rule on small-dollar lending may help guard it against a congressional rollback and pave the way for bankers to return to the space. ... Read full article

House Financial Services Committee Chairman Jeb Hensarling, R-Texas, wrote a letter to CFPB Director Richard Cordray calling on him to clarify whether he is running for political office. ... Read full article

It is reasonable to rethink the role of state usury laws in national credit markets, but there should not be any erosion of consumer protections. ... Read full article