The proposed rollback of underwriting requirements for small-dollar lenders could redefine a legal doctrine that governs rules affecting other companies as well.
Assemblywoman Monique Limon is in the “early stages” of exploring how to create a state-level Consumer Financial Protection Bureau as part of a broader push for more consumer protection for state residents.
The bureau had already proposed removing the underwriting portion of the rule, but a judge in Texas has indefinitely delayed the other key component as well.
The bureau's director, Kathy Kraninger, faced a barrage of criticism from Senate Democrats on the agency's lack of enforcement actions, a reversal on Military Lending Act examinations and changes to the payday loans rule.
The industry cheered the bureau’s proposed repeal of its ability-to-repay requirement, but another part of the rule — on account debit restrictions — was left intact, and some companies aren’t ready to comply.
Readers weigh in on the Consumer Financial Protection Bureau's payday rule, consider the gender wage gap in banking, debate restrictions to membership at the Federal Home Loan banks and more.
When a Columbia University professor surveyed 1,000 payday loan customers, little did he know that the resulting research report would become a lightning rod in the drafting of rules for small-dollar lenders.
The newly sworn-in director’s first public remarks seemed to contrast with the approach of her predecessor, Mick Mulvaney, who at times questioned the role of the agency.
Several Senate, House and gubernatorial battles are of interest to financial firms. Here is a spotlight on specific contests, with updates as they become available.