Payday Loans

News & Analysis as of

Hints of future payday rule-making

Laura Udis, the CFPB’s program manager for the payday lending industry, spoke on April 10 in Los Angeles on a panel sponsored by the American Bar Association Consumer Financial Services Committee. CFPB staff members are...more

CFPB amends CashCall complaint

The CFPB has filed an amended complaint in its lawsuit against CashCall and several related companies that funded, purchased, serviced and collected online payday loans to identify additional states in which the loans...more

FTC Settles with Payday Lender over Alleged UDAAP Violations

The United States District Court for the District of South Dakota Central Division entered a final order and judgment approving a settlement between the FTC and a payday lender, in which the company agreed to pay civil money...more

CFPB Dispute with Tribe-Affiliated Lender Spills into Court

After denying a petition to set aside a civil investigative demand, the CFPB, filed a petition in the United States District Court for the Central District of California to enforce its civil investigative demand against...more

Idaho Bill Regulates Payday Loan Terms

On March 26, Idaho enacted SB 1314, which, among other things, prohibits payday lenders from making a loan that exceeds 25% of the borrower’s gross monthly income at the time the loan is made....more

CFPB files petition in CA federal court to enforce CIDs issued to tribal payday lenders

The CFPB recently filed a petition in U.S. District Court for the Central District of California seeking to enforce the civil investigative demands (CIDs) it issued in June 2012 to three tribally-affiliated payday lenders. A...more

Comptroller Curry Calls On Banks To Offer Payday Loan Alternatives

On April 1, Comptroller Thomas Curry delivered remarks in which he urged banks to offer alternatives to “high cost payday loans.” The Comptroller defended his agency’s guidance on deposit advance products and stated that...more

Financial Services Law

Court: FTC Can Regulate Payday Lenders Affiliated With Indian Tribes - In what is being hailed by the Federal Trade Commission as a victory for regulators, a federal court judge in Nevada has ruled that the FTC has the...more

CFPB general counsel gives glimpse into CFPB’s upcoming agenda

On Monday, April 7, CFPB General Counsel Meredith Fuchs warned that debt collection, payday lending, prepaid cards and privacy notices are priorities for the Bureau in the coming months. Appearing before the Practicing Law...more

NY AG Announces Agreement To Limit Online Title Lending

On April 1, New York Attorney General (AG) Schneiderman announced that 10 repossession companies agreed to discontinue repossessing vehicles at the request of title loan companies. The AG states that out-of-state or online...more

CFPB payday loan proposal for rulemaking is coming, but timing of its publication remains unclear

At the Practicing Law Institute’s 19th Annual Consumer Financial Services Institute held on Monday in New York City, Meredith Fuchs, Associate Director & General Counsel for the CFPB delivered the opening keynote address,...more

Minnesota Appeals Court Upholds State Regulation Of Online Payday Lender

On March 31, the Minnesota Court of Appeals held that the Minnesota state legislature may regulate the activities of online payday lenders that extend loans to individuals residing within the state’s borders, even if the...more

North Carolina Court of Appeals Upholds Arbitration Clauses in Consumer Agreements

The North Carolina Court of Appeals has recently enforced arbitration clauses in short-term “payday” loan contracts, requiring the borrowers to bring their claims in arbitration rather than in court. In doing so, the Court...more

CFPB Releases Report on Payday Lending

The CFPB’s Office of Research released a report, CFPB Data Point: Payday Lending, analyzing consumer use of payday loans. The Office of Research obtained data from storefront payday lenders through the supervisory process....more

Nevada Federal Court Holds Tribal Lender Subject to FTC Jurisdiction

Adopting a magistrate judge’s report and recommendations, the United States District for the District of Nevada held that the FTC has enforcement jurisdiction over tribal payday lenders. ...more

The CFPB Releases Its “Data Point” Report on Payday Lending

On March 25, 2014, the Consumer Financial Protection Bureau (CFPB) released its second report on payday lending. This report followed a white paper on payday lending and deposit advance products that the CFPB issued in April...more

Venable CFPB Update: CFPB’s Nashville Field Hearing on "Payday" Lending: Not What They Expected

Last week, the CFPB held a field hearing on payday lending issues. The purpose of the hearing was to release the CFPB’s latest report on payday lending and hold a forum to discuss the report's findings as well as payday...more

CFPB Report, Field Hearing, Build Record For Changes To Payday Lending Market

On March 25, the CFPB released a report and held a field hearing on payday loans. Through both, the CFPB sought to expand the record on which it will formulate new rules to address its concerns about the payday lending...more

Banking & Financial Services E-Note - March 27, 2014

In This Issue: - SEC Considers New Funding Rules for Shadow Banking System - Judge Backs FTC Authority to Pursue Payday Lenders - Regulator Estimates Volcker Rule Could Cost Banks Up to $4.3B - Appeals Court...more

Nevada Federal Court Affirms FTC’s Authority Over Tribal Payday Lending Businesses

On March 19, the FTC reported that the U.S. District Court for the District of Nevada held that the FTC Act “grants the FTC authority to regulate arms of Indian tribes, their employees, and their contractors,” including...more

CFPB Payday Loan Rulemaking is Imminent and Will Target Repeated Borrowing

The CFPB has marshaled data against what it sees as a sustained use problem by payday loan borrowers and is “in the late stages” of drafting rules to limit payday loan borrowing, according to Director Cordray’s remarks...more

Tribal Affiliation Not a Bar to FTC Authority

In an enforcement action alleging violations of the Federal Trade Commission Act (FTC Act) and other federal laws by tribally affiliated entities that operated an Internet payday lending operation, a Nevada federal court...more

CFPB To Hold Hearing on Payday Lending

The CFPB, in alignment with its continuing focus on payday lending, will hold a field hearing in Nashville, Tennessee on March 25, 2014, on payday lending. The CFPB previously took enforcement action against a payday lender...more

CFPB Announces Payday Loan Field Hearing

Yesterday, the CFPB announced that it will hold a field hearing on payday loans on March 25, in Nashville, TN. The event is open to members of the public who RSVP, and will feature remarks from consumer advocates, industry...more

CFPB to hold March 25 payday loan field hearing

The CFPB has announced that it will be holding a field hearing on payday loans on March 25, 2014 in Nashville, Tennessee. The event will feature remarks by Director Cordray and testimony from consumer groups, industry...more

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