Payday lending

Payday lender to settle fee-practices probe

03/12/18

California officials had accused Advance America of wrongly assessing Department of Motor Vehicles fees on its payday loans to skirt the state's interest rate cap.

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Four questions for CFPB nominee to replace Mulvaney

03/12/18

The eventual pick will likely encounter heavy scrutiny from senators and, if confirmed, would take the helm of an agency still defined by turmoil nearly seven years after its creation.

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Florida poised to enact workaround to CFPB payday rule

03/09/18

The legislature has passed a bill that would allow lenders to make installment loans that, in many cases, would be more costly than payment loans. If Gov. Rick Scott signs it, Florida would become the first state to pass a law designed to blunt the impact of the CFPB’s crackdown on high-cost consumer loans.

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CFPB should make sure payday rule reboot meets consumer needs

03/08/18

As it gives its small-dollar lending regulation another look, the agency must consider borrowers who have no other credit options.

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CFPB should take back seat to bank regulators on supervision: Mulvaney

03/01/18

The interim head of the Consumer Financial Protection Bureau said the agency may allow prudential regulators to take the lead on more supervisory matters to cut down on duplication.

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AGs, not CFPB, should take greater role on enforcement: Mulvaney

02/28/18

“Why we think we know better or how to protect consumers in your state surprises me,” acting CFPB Director Mick Mulvaney told a group of state attorneys general. “I don’t think we’ll being do much of that anymore.”

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New CRA proposal scheduled for release in March: OCC’s Otting

02/27/18

Comptroller of the Currency Joseph Otting said reform of Community Reinvestment Act regulations is a "key element" of how regulators aim to recalibrate rules a decade after the financial crisis.

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Break's over: Congress returns to full banking-policy plate

02/26/18

The clock starts ticking this week on a busy agenda of financial services priorities on Capitol Hill, including passing reforms to Dodd-Frank, overhauling the housing finance system and confirming key regulators.

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Gloves off in CFPB tug of war between Mulvaney, Warren

02/23/18

The war of words between acting Consumer Financial Protection Bureau Director Mick Mulvaney and Sen. Elizabeth Warren, D-Mass., the agency's architect, is escalating.

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Can small-dollar loans be both profitable and safe?

02/15/18

The Pew Charitable Trusts has released a set of 10 standards for banks and credit unions that want to to offer small loans to subprime customers. Among its ideas: keep monthly payments at or below 5% of the borrower’s paycheck and make loans available quickly through digital channels.

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