Payday Loans

News & Analysis as of

Federal Arbitration Case Update | Compelling and Appealing

Following are two recent federal court rulings related to arbitration. Acknowledgement of Dispute Resolution Policy Sufficient to Compel Arbitration of Retaliation Claim - Ashbey v. Archstone Property Management,...more

Senator seeks GAO investigation of CFPB payday loan rulemaking

In a letter to the Government Accountability Office (GAO), Senator David Vitter questioned “the adequacy and thoroughness of the CFPB’s analysis of small business impacts” in connection with its payday lending rulemaking...more

Still Threatened: Arbitration Clauses in Securities Customer Agreements

In a report to Congress released in March, the Consumer Financial Protection Bureau (CFPB) takes aim at consumer agreements that require disputes to be resolved by arbitration. The CFPB generally does not have...more

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

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

FTC Provides Annual Financial Acts Enforcement Report to CFPB and Federal Reserve

On June 9, the FTC announced that it has provided to the CFPB its 2014 Annual Financial Acts Enforcement Report. The report highlights the FTC’s enforcement, research, rulemaking, and policy development activities with...more

“Abusive” Development – Recent Applications of the Prohibition against Abusive Acts and Practices

The enactment of the Dodd-Frank Act in 2010 created the Consumer Financial Protection Bureau (“CFPB”) and, among other things, vested it with broad authority to enforce prohibitions on unfair, deceptive and abusive acts and...more

32 Democratic senators call for strong payday lending rules

A group of 32 Democratic U.S. senators sent a letter to Director Cordray last week regarding the CFPB’s efforts to address payday lending in which they urged him “to issue the strongest possible rules to end the damaging...more

Nevada Enacts Payday Lender Best Practices Act

On May 27, Nevada Governor Brian Sandoval signed into law S.B. 242, enacting the Payday Lender Best Practices Act. The legislation requires payday and similar lenders to use various specified best practices – advocated by the...more

California’s DBO Targets Payday Lenders, With a Little Help From Search Engines

Why it matters - At the intersection of Hollywood and Silicon Valley, the California Department of Business Oversight (DBO) announced a new initiative focused on the advertising of payday lenders. According to DBO...more

Maryland AG and CFPB Announce Action Against Alleged Mortgage Kickback Scheme

Section 1042(a) of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act (CFPA) empowers state Attorneys General (AGs) to bring civil actions to enforce federal consumer law against any person offering...more

CFPB Proposal To End “Payday Debt Traps” Meets Serious Criticism

A recently released Consumer Financial Protection Bureau (CFPB) plan meant to end “payday debt traps” is meeting serious criticism from industry experts who say the rule, as proposed, would seriously limit short-term...more

Report from SBREFA Panel on Payday, Title and Installment Loans

Wednesday, I had the opportunity to participate as an advisor to a small entity representative (“SER”) at the small business review panel on payday, title and installment loans. The meeting was held in the Treasury Building’s...more

CFPB Proposes Regulation of Small Loans

Why it matters - The Consumer Financial Protection Bureau (CFPB) introduced a new proposal that would increase regulation of not only payday loans but also vehicle title loans and some types of installment loans. The...more

CFPB, Virginia Attorney General Target Payday and Auto Title Lenders

Section 1031 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd Frank”) authorizes the Consumer Financial Protection Bureau (“CFPB”) to issue rules to prevent unfair, deceptive, or abusive acts or...more

CFPB Releases Proposed Rule for Payday ‘Debt Traps’

The Consumer Financial Protection Bureau (CFPB) announced last week that it is considering a proposal aimed at payday lending, which will require lenders to take certain steps intended to increase consumers’ ability to...more

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

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

California Teams-Up with Internet Search Engines to Block Unlicensed Payday Lender Advertising

On April 7, the California Department of Business Oversight announced a new initiative to prevent unlicensed payday lenders from advertising on major Internet search engines, including Microsoft, Google, and Yahoo....more

CFPB Proposes New Rules for Payday Loans

On March 26, 2015, the Consumer Financial Protection Bureau (the Bureau) proposed new regulations on short-term loans, commonly known as "payday loans," which are typically issued by non-depository institutions. The Bureau...more

CFPB's Latest Supervisory Report Signals Enforcement Trends

The CFPB's most recent Supervisory Highlights report, which covers the second half of 2014, confirms that the bureau is continuing an aggressive focus on debt collection, overdraft fees, mortgage origination, fair lending and...more

DBO Establishes Protocol With To Block Unlicensed Payday Lenders’ Ads

When I served as California’s Commissioner of Corporations, Internet commerce was just finding its legs and we were concerned about how to apply the Corporate Securities Laws to this new technology. For state regulators, the...more

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

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

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

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

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

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 QuickStudy: CFPB Looks to End Consumer Debt Traps

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

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

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

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