News & Analysis as of

Payday Loans

CFPB Issues Final Rules on Payday and Vehicle Title Loans—Little Impact for Auto Lenders

The Consumer Financial Protection Bureau (CFPB) issued its final rule on payday, vehicle title, and certain high-cost installment loans. The new rule is effective in 2019 and imposes stringent underwriting requirements and...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Despite a stronger global economic outlook than we’ve seen in years, the world’s central bankers appear loath to let go of stimulus measures while lower-than-expected inflation bedevils them....more

CFPB News: Recent Updates and Actions

It has been a particularly busy period for the Consumer Financial Protection Bureau (CFPB), which issued a proposed rule governing payday lending, received a mixed decision from a California federal court judge in a lawsuit...more

House Financial Services Committee Schedules Oct. 11 Mark-Up of "Madden fix" Bill

by Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more

The CFPB’s Payday Lending Rule: An Opportunity in Disguise?

by Vedder Price on

On October 5, 2017, the Consumer Financial Protection Bureau (“CFPB”) released its nearly 1,700-page final rule for short-term loans (“Payday Lending Rule”). Notably, almost simultaneously with the CFPB’s announced Payday...more

CFPB Adds “Ability to Pay” Requirement to Payday Loans

by Goodwin on

On October 5, 2017 the Consumer Financial Protection Bureau (CFPB) revealed its final rule regulating payday lending. For the past five years, the CFPB had been doing research and seeking comments from the industry on how to...more

CFPB Makes Accommodations for Certain Fintech Products in Final Small Dollar Lending Rule

On October 5, the Consumer Financial Protection Bureau (CFPB or Bureau) released its long-anticipated final rule on small-dollar lending, which covers payday, vehicle title, and certain high-cost installment loans. Along with...more

Key Takeaways From the CFPB’s Final Rule On Payday, Vehicle Title, and Certain High-Cost Installment Loans

On October 5, the Consumer Financial Protection Bureau (CFPB or Bureau) released its long-anticipated final rule on small dollar lending, which covers payday, vehicle title, and certain high-cost installment loans. The final...more

House Financial Services Committee schedules Oct. 11 mark-up of “Madden fix” bill

by Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more

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

by Ballard Spahr LLP on

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

CFPB Issues Long-Awaited Short-Term Lending Final Rule

by Pepper Hamilton LLP on

On October 5, the CFPB issued it long-anticipated Payday, Vehicle Title, and Certain High-Cost Lending Rule covering certain short-term loans. The final regulation, published more than 15 months after it was proposed in June...more

CFPB Releases Final Payday Lending Rule

by Morrison & Foerster LLP on

On October 5, 2017, the Consumer Financial Protection Bureau released its final rule for short-term loans. The nearly 1,700 page rule appears to follow the proposed short-term lending rule with several notable changes. Most...more

CFPB Releases Long Awaited Small Dollar Rule: 5 Things You Need to Know

After months of speculation, the Consumer Financial Protection Bureau (CFPB) released a final small-dollar loan rule on October 5. If the final rule takes effect, lenders will be required, among other things, to determine...more

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

by Ballard Spahr LLP on

The CFPB issued its final payday loan rule last week in a release running 1,690 pages. Lenders covered by the rule include nonbank entities as well as banks and credit unions. In addition to payday loans, the rule covers...more

CFPB Issues Final Payday/Auto Title/High-Rate Installment Loan Rule

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau (CFPB) issued its final payday loan rule last week in a release running 1,690 pages. Lenders covered by the rule include nonbank entities as well as banks and credit unions....more

Preliminary Thoughts on the New CFPB Rule

by Ballard Spahr LLP on

It will take a while to digest the CFPB’s 1,700-page release on payday, title and high-rate installment lending but, naturally, I have a number of preliminary observations...more

No Real Surprises in CFPB's Final Rule for the Small Dollar Loan Industry

by Clark Hill PLC on

On October 5, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its Final Rule for Payday, Vehicle Title and Certain High-Cost Installment Loans. The Final Rule follows for the most part the Notice of...more

OCC Rescinds Guidance on Small-Dollar Loans: What Do Banks Do Now?

by Clark Hill PLC on

Just one hour after the Consumer Financial Protection Bureau (CFPB or Bureau) issued its Final Rule for Payday, Vehicle Title and Certain High-Cost Installment Loan (CFPB Rule), the Office of the Comptroller of the Currency...more

Final Payday Lending Rule Released by the CFPB

by Reed Smith on

On Thursday October 5, the Consumer Financial Protection Bureau (CFPB) issued a long-awaited final rule governing certain short-term loans and longer term loans involving balloon payments, better known as the payday lending...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A sobering look at the post-recession economic recovery shows that while by many measures US economic figures are again strong, the recession caused wounds that “have not fully healed”—including the loss of more than 1.5...more

Window on Washington - This Week in the Nation's Capital - Vol. 1, Issue 27

by Clark Hill PLC on

Senate Again Delays Action on Remaining Appropriations Bill: The Senate has yet to schedule any mark-ups for next week for its remaining four appropriations bills (Clark Hill Insight). Senate Reaches Deal on Budget...more

CFPB Enters Consent Order with Lead Aggregator For Steering Consumers to Illegal Loans

by Goodwin on

On September 6, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a lead aggregator over claims the aggregator steered consumers towards lenders who offered...more

More Companies Must Comply with the Gramm-Leach-Bliley Act, But Don’t Know It. Are You One of Them?

by Dickinson Wright on

When the topic of data privacy and cyber security comes up, most people automatically think of data breaches, especially given the high-profile nature of so many of them. Breaches and hacks are certainly an issue about which...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Vanguard’s not well known for making waves, but the $4.5 trillion mutual-fund manager has quietly increased its corporate engagement activity over the past year—discussing governance, pay, and other issues with nearly a...more

CFPB may narrow coverage of final payday loan rule

by Ballard Spahr LLP on

According to a Wall Street Journal article published this past weekend, “people familiar with the matter” are reporting that the CFPB’s final payday loan rule will be narrower in its coverage than the CFPB’s proposed rule....more

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