News Topic: Payday lending

Bank discloses the possible repercussions from its alleged involvement in Malaysian fraud; are banks too blase about “systemic riskiness”? ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

The Human Account, a survey of 11,500 people, is intended to inspire banks and governments to come up with better ways to help low-income people. ... Read full article

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. ... Read full article

The money manager plans a big expansion in Atlanta; agency makes now rare determination that debt-collection practices were “abusive.” ... Read full article

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.  ... Read full article

Cash Express LLC allegedly sent customers threats of legal action even though the time for taking legal action had expired. ... Read full article

The agency’s biennial survey showed gradual improvement in access to mainstream banks, but over 14 million adults lack ties to a federally insured institution. ... Read full article

The bureau says it lacks explicit authority to conduct routine supervision of lenders’ compliance with service member protections, but the decision has sparked pushback from the Defense Department and groups representing military personnel. ... Read full article

Banks are being encouraged to offer smaller loans as an alternative to payday products, but their high interest rates can still put consumers in debt. ... Read full article

The senior Democratic lawmaker said the CFPB chief and the Trump administration "are doing everything in their power to roll back consumer protections." ... Read full article

U.S. Bank’s announcement that it will begin offering small installment loans could open the door for other financial institutions to offer them as an alternative to pricey payday loans. ... Read full article

The nation's fifth-largest bank on Monday rolled out a three-month consumer loan that is far less expensive than the typical payday loan. The move comes as regulators are encouraging banks to reach out to the subprime market, which they largely ... Read full article

Legislation allowing regular bill payments to count toward credit history would solve more problems than some critics fear it would create. ... Read full article

Several states pledged to compensate for a slowdown in enforcement at the Consumer Financial Protection Bureau under Mick Mulvaney, but their efforts have been complicated by tight budgets and doubts over whether such initiatives are necessary. ... Read full article