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Federal Deposit Insurance Corporation › Payday Loans

The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s.  The FDIC's mission is to maintain... more +
The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s.  The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships.  less -
McGlinchey Stafford

Minnesota, Nevada, and Rhode Island Propose DIDMCA Opt-Outs

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Minnesota, Nevada, and Rhode Island are the most recent additions to the list of jurisdictions that have proposed legislation to opt out of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). Sections...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights, Issue 3

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House Passes Cannabis Banking Bill - "The House passed the same bill in 2019 by a similar margin, but it stalled in what was then the GOP-controlled Senate." Why this is important: The Safe Banking Act, if passed, will...more

Morrison & Foerster LLP

Financial Services Report - Spring 2021

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Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

Goodwin

CFPB Grants No-Action Letter for Proposed Small-Dollar Credit Product

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In the News. The Consumer Financial Protection Bureau (CFPB) granted a no-action letter (NAL) regarding a proposed small-dollar credit product and sought comment on the CFPB’s plan to study how consumers locate, comprehend...more

Goodwin

CFPB Files Complaint Against Florida-Based Payday Lender

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On November 5, 2020, the Consumer Protection Financial Bureau (CFPB) announced that it had filed a complaint against a Florida-based payday lender and its CEO in the Southern District of Florida. The complaint alleges that...more

K&L Gates LLP

Rocky Mountain Low? Implications of the Settlement of Colorado's Challenge to Partnerships Between Banks and Marketplace Lenders

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The impact of state usury laws on marketplace lending has been an area of concern since the inception of the industry. In a technique borrowed from the payday lending industry, online platforms that make unsecured consumer...more

Ballard Spahr LLP

Federal banking agencies issue interagency principles for small-dollar loans

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The Federal Reserve, OCC, FDIC, and NCUA have issued “Interagency Lending Principles for Offering Responsible Small-Dollar Loans.”  The agencies state that the principles are intended “to encourage supervised banks, savings...more

Goodwin

Financial Services Weekly News: FDIC Issues Deposit Insurance Application Guidance For Non-Banks

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In This Issue. The Federal Deposit Insurance Corporation (FDIC) published new procedures for federal deposit insurance applications from applicants that are not traditional community banks; federal banking regulators released...more

Ballard Spahr LLP

House Financial Services Committee: “rent-a-bank” hearing on Feb. 5; Director Kraninger to testify on Feb. 6

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On Wednesday, February 5, the House Financial Services Committee will hold the first part of a two-part hearing on “rent-a-bank” structures. The hearing is titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to...more

Holland & Knight LLP

Stakeholders Debate Public Policy Issues Surrounding Consumer Debt in America

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A number of diverse stakeholders gathered at George Mason University (GMU) on Nov. 18, 2019, to participate in a program entitled "Consumer Debt in America: What Would Rate Caps and Student Loan Forgiveness Mean?" The debate,...more

Manatt, Phelps & Phillips, LLP

Operation Choke Point Lawsuit Comes to an End

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Putting an end to a 2014 lawsuit filed by payday lenders challenging the actions of federal regulators in Operation Choke Point, the Federal Deposit Insurance Corporation (FDIC) announced a resolution to the action....more

Ballard Spahr LLP

FDIC settles Operation Choke Point lawsuit; entire lawsuit dismissed

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The FDIC has announced that it has entered into a settlement of the lawsuit filed against it and the OCC in 2014 by a trade group and several payday lenders challenging “Operation Choke Point” — a federal  enforcement...more

MoFo Reenforcement

Financial Services Report – Spring 2019

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EDITOR’S NOTE - In the words of Willie Wonka: “Wait a minute — strike that, reverse it!” As loyal readers will recall, in our last issue, we tried to stay current in referring to the CFPB by what Mick Mulvaney declared...more

Nutter McClennen & Fish LLP

Nutter Bank Report, February 2019

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1. FDIC Proposes Changes to Deposit Insurance Assessment Rule for CBLR Banks The FDIC has published a proposal that describes how the agency would apply the Community Bank Leverage Ratio (“CBLR”) framework previously...more

Goodwin

Financial Services Weekly News - February 2019

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Editor's Note - In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve) released 2019 stress test scenarios and exempted less complex banks with between $100 billion and $250 billion in assets...more

Ballard Spahr LLP

FDIC Hiring Counsel to Investigate Now Defunct Operation Choke Point

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On November 15, 2018, in response to a November 7, 2018 letter from Republican Senators, FDIC Chairman Jelena McWilliams announced that the FDIC has engaged outside counsel to investigate the Obama-era Operation Choke Point,...more

Davis Wright Tremaine LLP

Agency Activity in Small-Dollar Lending

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Earlier this month, the Federal Deposit Insurance Corporation (FDIC) published a Request for Information (RFI) seeking public comment on issues related to small-dollar lending by FDIC-supervised financial institutions. ...more

Ballard Spahr LLP

Republican Senators seek action from FDIC to ensure end of Operation Choke Point

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Thirteen Republican Senators have sent a letter to FDIC Chairman Jelena McWilliams urging the FDIC to take action to ensure that lawful businesses are no longer at risk of adverse financial consequences as a result of...more

MoFo Reenforcement

Financial Services Report – Winter 2017

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EDITOR’S NOTE - The holidays came early for the financial services industry. First, the Senate voted to repeal the CFPB’s rule banning class waivers in arbitration agreements in consumer financial contracts. Then,...more

Goodwin

Financial Services Weekly News - November 2017 #4

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Editor's Note - A Tale of Two Agencies. On November 27, Joseph M. Otting was sworn in as the 31st Comptroller of the Currency. Mr. Otting seamlessly succeeded Keith A. Noreika, who became Acting Comptroller in May 2017...more

Ballard Spahr LLP

OCC reacts to CFPB’s final payday loan rule by rescinding its deposit advance product guidance

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Hours after the CFPB released its final payday/auto title/high-rate installment loan rule on October 5, 2017, the OCC rescinded its guidance on deposit advance products. ...more

Ballard Spahr LLP

D.C. District Court Allows Payday Lenders’ Due Process Claims To Proceed In Case Against “Operation Choke Point”

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On July 5, 2017, the U.S. District Court for the District Columbia, in the lawsuit filed in 2014 challenging “Operation Choke Point” — a federal enforcement initiative involving various agencies, including the Consumer...more

Manatt, Phelps & Phillips, LLP

Payday Lenders Can't Halt Operation Choke Point, Court Rules

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A federal judge in the District of Columbia denied a request for injunctive relief sought by a group of payday lenders allegedly affected by the Department of Justice's (DOJ) controversial Operation Choke Point....more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

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Financial Industry Developments - Agencies Publish Study on Banking Activities and Investments under Dodd-Frank - On September 8, 2016, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance...more

Goodwin

Financial Services Weekly News - May 2016 #4

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Breaking News - Solicitor General Files Brief in Madden v. Midland Funding - On May 24, the U.S Solicitor General (SG) filed a brief with the U.S. Supreme Court (the Court) in the matter of Madden v. Midland...more

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