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Consumer Lenders Proposed Regulation

McGlinchey Stafford

Welcome to 2024: DIDMCA Opt-Out and True Lender Legislative Proposals to Watch

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The new year brings with it four new jurisdictions to watch regarding proposed true lender legislation and Depository Institutions Deregulation and Monetary Control Act (DIDMCA) opt-outs. The District of Columbia, Florida,...more

Troutman Pepper

Washington D.C. Introduces Legislation Attacking Fintech-Bank Partnership Lending by Opting Out of DIDMCA and Codifying a “True...

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Late last month, Councilmember Kenyan R. McDuffie introduced B 25-0609, entitled the Protecting Affordable Loans Amendment Act of 2023, that proposes to opt the District of Columbia out of sections 521-523 of the Depository...more

Davis Wright Tremaine LLP

Broker Dealer Regulatory Digest - October 2023

Editor's Note - The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency,...more

Manatt, Phelps & Phillips, LLP

CFPB: Debt Collectors, Consumers Receive Clarity on Time-Barred Debt

Proposing a specific limit on debt collectors but also providing a safe harbor for compliance, the Consumer Financial Protection Bureau (CFPB) has issued proposed regulations that would allow debt collectors to contact...more

ArentFox Schiff

California’s ‘Mini-CFPB’—Gov. Newsom’s Budget Proposal Forecasts Significant Expansion of Consumer Financial Services Oversight...

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California is poised to join the growing cadre of states enhancing their consumer financial protection functions in response to perceived decreasing federal oversight and enforcement under the Trump administration. Following...more

Goodwin

California and New York Propose to Expand Consumer Protections

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At the start of the new year, both California’s Governor Newson and New York’s Governor Cuomo proposed expansions to their respective state’s regulatory oversight of consumer financial services. Of particular note,...more

Dorsey & Whitney LLP

CFPB Unveils Outline for Sweeping Changes to Debt Collection Industry Practice

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The Consumer Financial Protection Bureau (“CFPB”) revealed yesterday its proposal to overhaul debt collection industry practices through tighter regulations, including limits on the frequency of consumer contact and ensuring...more

McGuireWoods LLP

CFPB Proposes Rule on Small Dollar Lending

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On June 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) released its proposed rule on small dollar lending during its scheduled field hearing in Kansas City, Missouri. The controversial proposed rule will affect...more

Morrison & Foerster LLP

Short-Term Lenders Face Costly Path To Compliance

On June 2, 2016, the Consumer Financial Protection Bureau released its long-anticipated notice of proposed rulemaking on short-term consumer lending. The proposed rule follows the CFPB’s March 2015 release of an outline of...more

Orrick - Finance 20/20

Consumer Financial Protection Bureau Proposes Rule to End Payday Debt Traps

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On June 2, 2016, the Consumer Financial Protection Bureau (the “CFPB”) announced a proposed rule that would substantially change the rules governing “payday loans, auto title loans, deposit advance products, and certain...more

Baker Donelson

CFPB Issues Proposed Rule for Payday Lending

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Yesterday the CFPB released its long-awaited proposed rule covering payday loans, auto title loans, deposit advance products and certain high-cost installment and open-end loans. The Bureau proposes that this population of...more

BakerHostetler

CFPB Releases Expansive Payday Lending Rule

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The Consumer Financial Protection Bureau (CFPB) released its much anticipated proposed rule aimed at ending what it calls “payday lending debt cycles.” The 1,334-page rule will require small-dollar lenders to undertake...more

McGuireWoods LLP

CFPB’s Vehicle Title Loan Report Signals Future Proposed Rule

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The Consumer Financial Protection Bureau (CFPB) recently released a 23-page report claiming that single-payment vehicle title loans result in vehicle repossessions for nearly one in five borrowers. While this report has been...more

BakerHostetler

CFPB to Announce Small-dollar Lending Rule on June 2

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On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Kansas City, Missouri, on June 2 regarding small-dollar lending, commonly referred to as payday lending. It is...more

BakerHostetler

CFPB to Announce Small-dollar Lending Rule on June 2

BakerHostetler on

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Kansas City, Missouri, on June 2 regarding small-dollar lending, commonly referred to as payday lending. It is...more

Locke Lord LLP

CFPB Determined to Rewrite Consumer Contracts and Feed Class Action Lawyers

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On October 7, the CFPB released an outline of proposed rules that would ban consumer financial services companies from using arbitration clauses to prevent consumers from bringing class action lawsuits. The CFPB also...more

WilmerHale

CFPB Releases Outline of Proposals to Block Pre-Dispute Arbitration Agreements in Class Litigation

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On October 7, 2015, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) released an outline of proposals under consideration to ban class action waivers in contracts for consumer financial products and services....more

Ballard Spahr LLP

New report shows negative effect of CFPB’s contemplated payday loan proposals on credit availability

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A new report prepared by Charles River Associates for the Community Financial Services Association of America (CFSA) found that the CFPB’s contemplated proposals for payday (and other small-dollar, high-rate) loans would cut...more

Troutman Pepper

CFPB Proposals for Small-Dollar Loans: An Attempt to Kill an Industry?

Troutman Pepper on

On March 26, the Consumer Financial Protection Bureau (CFPB or Bureau) announced several proposals to regulate short-term and longer-term consumer loans. According to the Bureau, the proposals will likely have the effect of...more

Locke Lord LLP

Consumer Financial Protection Bureau (CFPB) Prepares Proposals to Add Repay Ability, Other Requirements to Small-Dollar Lending...

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How will the CFPB’s attempts to put an end to payday debt traps impact financial institutions and consumers? JS: If published as outlined, these proposals would impose all too familiar ability to repay requirements,...more

MoFo Reenforcement

The CFPB Outlines an Approach to So-Called “Debt Trap” Products

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At a field hearing in Richmond, Virginia on March 26, the Consumer Financial Protection Bureau (CFPB) outlined the proposal it is considering to regulate payday lending. The proposal would cover short- and long-term payday...more

Locke Lord LLP

Locke Lord QuickStudy: CFPB Looks to End Consumer Debt Traps

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On March 26, 2015, the CFPB announced that it is considering proposing rules that would seek to “end payday debt traps” by requiring lenders to make sure that consumers can repay their loans and by restricting certain...more

Ballard Spahr LLP

The CFPB’s contemplated payday/title/high-cost lending proposals: our thoughts on collection practice limits

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This is the last of a series of blog posts in which we share our reactions to the CFPB’s contemplated proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”). In this blog post, we share our...more

Ballard Spahr LLP

Some issues for “longer-term” loans under the CFPB’s contemplated payday/title/high-cost lending proposals

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In this blog post, we share our thoughts on the 36% “all-in” rate trigger and restrictions for loans considered to be “longer-term” under the CFPB’s contemplated proposals taking aim at payday (and other small-dollar,...more

McGuireWoods LLP

CFPB Considering New Rules for Payday Lending

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Last week, the Consumer Financial Protection Bureau (CFPB) announced that it was considering new rules for payday lending, the practice of making relatively short-term, high-interest loans to borrowers. ...more

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