The Consumer Financial Protection Bureau said Tuesday it will reopen the payday lending rule, on the same day the controversial rule technically went into effect.
Regional and community banks will offer low-cost or no-cost financial products through Bank On, which has already reached agreements with Regions Bank, Wells Fargo and SunTrust.
While a robust dialogue about all forms of financial products is critical and regulation to protect consumers is necessary, removing a source of credit for hard-working Americans and eliminating choice should not be the focus of any federal agency.
The short-term loan industry is suddenly playing offense in Washington following Mick Mulvaney's appointment as acting head of the Consumer Financial Protection Bureau.
The agency has suffered a series of setbacks over the past two months, from a rollback of its arbitration rule to a legal battle over its leadership. Here's what happened — and where the agency might lose next.
Mick Mulvaney, the agency's acting director, said he believes the small-dollar lending rule is too far along to roll back through regulation but hopes Congress will repeal it.
The nomination of Jelena McWilliams to chair the Federal Deposit Insurance Corp. moves the Trump administration one step closer to completing its team of regulatory appointments in its push to undo former President Obama's post-crisis policies.
The bill would use the Congressional Review Act to overturn the payday rule, a procedure that allows Congress to overturn agency regulations with a majority vote.
Richard Cordray took a big gamble in his final act as head of the Consumer Financial Protection Bureau, attempting to appoint his own interim successor. He lost Tuesday, but he was far from the only one.
