Payday lending

The little-noticed power grab in regulators’ small-dollar guidance

06/02/20

An interagency notice meant to encourage lenders to offer small consumer loans also provides federal agencies too much say on what constitutes “reasonable” pricing.

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As Democrats urge pause in bank rules, GOP says hurry up

05/27/20

The congressional showdown over the pace of rulemaking during the pandemic is a hardening of older positions on banking policy ahead of the 2020 elections, observers said.

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CFPB offers templates for banks, servicers to seek 'no-action' letters

05/22/20

The templates are meant to make it easier to obtain agency approval for small-dollar loan products and to accommodate mortgage servicers that want to provide online loss mitigation options.

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California bill to pause foreclosures, repos draws fire from lenders

05/21/20

A Democratic measure to freeze foreclosures and auto repossessions through the coronavirus crisis while expanding eligibility for loan forbearance is getting strong pushback from banks and credit unions, which complain it would constrain credit.

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Can SBA deny loans to payday lenders? Judge asks for its rules

05/04/20

Payday Loan LLC, which engages in lending and check cashing in 22 stores in California, sued the SBA on April 25 after its request for a $644,000 loan from the Paycheck Protection Program was denied.

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CFPB critics moving swiftly to challenge payday lending rule

04/30/20

Consumer groups are poised to take the bureau to court over its gutting of underwriting requirements, while House Democratic leaders could attempt a repeal through the Congressional Review Act.

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CFPB accused of fudging data to alter payday rule; permanent shift from cash?

04/30/20

A former economist says high-ranking officials engaged in “legally risky” behavior to downplay consumer harm; online payments and contactless transactions jumped in the first quarter, and some think the new habits will stick.

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CFPB rulemaking engine churns on through coronavirus

04/15/20

The agency is still moving forward on key regulations dealing with payday lending and mortgage underwriting despite new demands posed by the crisis.

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CFPB urged to take more active role in coronavirus response

03/30/20

The agency has relaxed some reporting requirements and joined other regulators in encouraging banks to help borrowers, but pressure is building on the bureau to do more to aid consumers suffering financial hardship.

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Consumers seek early access to wages to soften coronavirus hit

03/20/20

Workers living paycheck to paycheck are borrowing from companies like PayActiv, DailyPay and Branch to survive the economic impact of the pandemic.

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