News Topic: Payday lending

The CFPB ordered Security Group Inc. to pay $5 million for making illegal threats, including that consumers could go to jail. ... Read full article

The agency will have to rework its strategy for amending its payday lending rule after a federal court rebuffed efforts to stop the rule from going into effect. ... Read full article

Acting CFPB Director Mick Mulvaney had sided with two industry trade groups that sued the CFPB in April to invalidate the tough restrictions. ... Read full article

Mary Jackson, a former executive at Cash America International, succeeds Lisa McGreevy at the helm of the Arlington, Va.-based trade group. ... Read full article

Despite recent encouragement from the OCC, banks still struggle to make a profit on short-term loans. ... Read full article

The agency found no “systemic issues” in its review of other banks’ sales practices; some churches say the lenders are needed, others see the devil. ... Read full article

Payday lending stocks are beating records. Mostly because they're no longer payday lenders. ... Read full article

The agency’s recent bulletin could help banks get back into the small-dollar lending business, keeping needy borrowers out of debt traps. But other regulatory limits remain in focus. ... Read full article

Just two months ago, Comptroller Joseph Otting seemed to signal that the OCC might be open to letting national banks rent their charters to payday lenders. Now he is clarifying that it won’t happen. ... Read full article

An OCC initiative to get more banks to make short-term loans that rival those of payday lenders isn't enough of an enticement. ... Read full article

Comprehensive analysis of the banking industry's first big legislative victory since the crisis; lawsuits target banks with websites in violation of the Americans with Disabilities Act; what a homegrown app for millennials has to teach Wells Fargo; ... Read full article

While industry officials welcomed a bulletin from the Office of the Comptroller of the Currency encouraging banks to develop alternatives to payday loans, they are making no commitments to offer such products. ... Read full article

Otting wants banks to make small loans to consumers; the German bank will reduce headcount by at least 7,000. ... Read full article

The agency's bulletin opens the door to banks' making more short-term loans to borrowers with lower credit scores — with few parameters beyond "sound underwriting." ... Read full article

Bank of America on where its AI hopes (and worries) lay; Zelle founder Paul Finch announces his leave from the payments network; the one area where banks and fintechs want more regulation; and more from this week's most-read stories. ... Read full article

A bill to allow the USPS to offer financial products would be bad for consumers, taxpayers and the banking industry. ... Read full article

It's too late for Congress to overturn the consumer bureau's regulation on short-term lending, but acting Director Mick Mulvaney will have plenty of chances to reshape it. ... Read full article

Acting CFPB Director Mick Mulvaney has dropped agency plans to crack down on overdraft programs and large marketplace lenders. Here's what else he's changing. ... Read full article