The passage of Proposition 111, which also prohibits lenders from adding origination and monthly maintenance fees, makes Colorado the fifth state to impose caps on payday loans through a voter referendum.
The report by the Consumer Federation of America said the regulatory agency has "ample legal authority" to enforce the Military Lending Act despite the bureau's plans not to examine firms for compliance.
Payday lenders scored a victory when the bureau committed to proposing changes next year, but they expressed disappointment that the revamp will not address a key payment-processing provision.
In a letter Monday to Federal Reserve Board Chairman Jerome Powell, the four House Democrats argued that the nation’s aging payments system is contributing to economic inequality.
Christian Sewing calls out the German bank's senior managers for using rumors of a merger with Commerzbank to excuse poor performance; banks in China begin using smartphones to pick up on lie-detecting facial tics.
The agency wants to change underwriting requirements in the regulation that lenders say will put them out of business, and give companies a break on the compliance deadline.
Consumer Financial Protection Agency Acting Director Mick Mulvaney is winding down some of the efforts his predecessor worked hardest on: enforcement of payday and fair lending rules and the Military Lending Act. Reporter Kate Berry shares the latest.
