News Topic: Payday lending

Moderates on the Financial Services Committee are attempting to block legislation that would extend the 36% interest rate cap on loans to military personnel to all consumers. ... Read full article

Federal and state policymakers wagged their fingers this week at high-cost lenders that might be looking to team with banks to evade a 36% ceiling on interest rates. ... Read full article

Instead of imposing interest rate caps, policymakers should require online lenders to provide clear disclosures and promote partnerships with banks. ... Read full article

In an update of its rulemaking agenda, the bureau said it "expects to take final action in April 2020" on a proposal that would rescind strong underwriting requirements. ... Read full article

Over the last decade, American voters have proved remarkably receptive to bans on high-cost consumer loans. Next year, a proposed ballot measure in a traditionally red state trending purple will offer a test case for the durability of that consensus. ... Read full article

Tech giant takes will work with Citi; the bank reportedly asked IT providers to return some of the money it paid them in 2018. ... Read full article

New tech lets American Express instantly issue cards to immigrants; the end of Libor raises concerns about financial stability; regulators shutter banks in Kentucky and Ohio; and more from this week's most-read stories. ... Read full article

A remark by Director Kathy Kraninger during a congressional hearing has renewed a fierce debate over how the agency uses academic studies to support rulemakings. ... Read full article

Treasury Secretary says regulators could look to help ease liquidity logjam in money markets; workers will get special bonuses for the third straight year. ... Read full article

The restriction on how often a borrower’s account is debited was supposed to be relatively straightforward, but one lender is trying to fight that provision. ... Read full article

In her second day of congressional testimony, Kathy Kraninger took heat from Senate Democrats for weighing in on constitutional questions about her agency and for her enforcement track record. ... Read full article

CFPB Director Kathy Kraninger faced a barrage of questions from Democrats on the House Financial Services Committee over why the agency has not demanded refunds for consumers in recent settlements. ... Read full article

A law signed last week by Democratic Gov. Gavin Newsom caps interest rates on installment loans. But three large lenders are looking to avoid its restrictions by partnering with banks. ... Read full article

The California Democrat is less recognizable nationally than other progressives elected to the House in 2018. But she may be "the most feared freshman" on the Financial Services Committee. ... Read full article

Majority, which will launch nationwide later this quarter, will use networks of immigrants to sell a mobile phone-based account that features unlimited remittances and international calling services. ... Read full article

Their challenge is creating a viable, profitable product that doesn't get flagged for being predatory. ... Read full article

A first-in-the-nation bill that drew unanimous support from the state Senate failed to get over the finish line this year. What happened? ... Read full article

The vote Friday was a victory for consumer advocacy groups that have been pushing for years to rein in lenders that charge triple-digit rates. ... Read full article