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National Credit Union Administration Payday Loans

Ballard Spahr LLP

NCUA Board Votes to Maintain 18% Interest Rate Ceiling on Most Loans

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The NCUA board on July 18 voted to maintain its interest rate ceiling on most loans at 18% from Sept. 11, 2024 through March 10, 2026. ...more

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

Hudson Cook, LLP

Tik Tok: The Compliance Clock Is Ticking for Small-Dollar Lenders in 2020

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[co-author: Hurshell K. Brown - Beyond Finance, LLC] INTRODUCTION - Small-dollar lenders waited through most of 2020 for the Consumer Financial Protection Bureau’s (“CFPB’s”) final rulemaking addressing payday, vehicle...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

Ballard Spahr LLP

NCUA finalizes rule authorizing new payday loan alternative option

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The National Credit Union Administration has published a final rule in the Federal Register that amend the NCUA’s general lending rule to provide federal credit unions (FCU) with a second option for offering “payday...more

Bradley Arant Boult Cummings LLP

The NCUA Doubles Amount Credit Unions Can Offer for Payday Alternative Loans

At the September open meeting, the National Credit Union Administration (NCUA) voted 2-1 to approve the final rule related to expanding payday alternative loan options (PAL II). Although the NCUA made clear in the final rule...more

Ballard Spahr LLP

NCUA proposes second payday loan option

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The National Credit Union Administration has published a notice in the Federal Register proposing to amend the NCUA’s general lending rule to provide federal credit unions (FCU) with a second option for offering “payday...more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 9.28.16

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It wasn’t exactly a direct reaction to his testimony on the Hill, but Wells Fargo CEO John Stumpf didn’t do himself any favors there, and Wells Fargo’s Board has announced that it will claw back an estimated $41 million in...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

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

Morrison & Foerster LLP

A Closer Look at the CFPB’s Proposed Short-Term Lending Rule

As we previously reported in our June 3, 2016 client alert, the Consumer Financial Protection Bureau (“CFPB”) has issued a Notice of Proposed Rulemaking for short-term loans (“Proposed Rule”). In this follow-up alert, we take...more

Manatt, Phelps & Phillips, LLP

CFPB Releases Proposed Regulation of Payday Loans

In a long anticipated move, the Consumer Financial Protection Bureau (CFPB) proposed a rule to regulate so-called "debt traps" by requiring lenders to take additional steps to ensure consumers have the ability to repay...more

Ballard Spahr LLP

CFPB issues proposed payday/auto title/high-rate installment loan rule

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As expected, the CFPB issued its proposed payday loan rule, in a release running 1,334 pages. The CFPB also issued a fact sheet summarizing the proposal. Once we complete our initial review of the proposal, we will issue a...more

Ballard Spahr LLP

House Republicans ask CFPB and banking agencies to disclaim “Operation Choke Point”

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Six Republican members of the House Financial Services Committee, including Chairman Jeb Hensarling, have sent identical letters to the CFPB, OCC, Fed and NCUA asking each agency to “publicly disclaim [its] past, present, and...more

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