In a major victory for small-dollar lenders, the agency plans to rescind underwriting requirements that were the centerpiece of the rule drafted by a Democratic appointee.
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 agency is expected soon to propose a revamp of the 2017 regulation that would eliminate the ability-to-repay provisions, which small-dollar lenders saw as a direct threat to their business.
The bank will pay over $15 million in restitution and fines to settle claims that it neglected stop-payment requests and reopened deposit accounts without customers' consent.
The CFPB ordered Village Capital & Investment in Henderson, Nev., to issue refunds and pay a penalty for allegedly misrepresenting the cost savings in a refi product.
Readers respond to the burgeoning debate over brokered deposits, consider the Democratic presidential hopefuls for 2020, weigh the Consumer Financial Protection Bureau's latest regulatory efforts and more.
Readers react to efforts to improve bank branches, weigh the Consumer Financial Protection Bureau's decision to pull back on enforcing the Military Lending Act, consider efforts to build finetch sandboxes and more.
