The Consumer Financial Protection Bureau’s (CFPB or Bureau) Summer 2023 Supervisory Highlights, which discusses key examination findings between July 2022 and March 2023, underscores the Bureau’s continuing aggressive...more
CFPB Acting Director Warns of Enforcement on ‘Ability to Repay’ and Residential Evictions -
In two recent communications, the Consumer Financial Protection Bureau (CFPB or Bureau) acting director is signaling that the...more
4/2/2021
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collectors ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Mortgage Lenders ,
Payday Loans ,
Private Equity Firms ,
Rulemaking Process ,
Short-Term Loans ,
Title Loans ,
Unfair or Deceptive Trade Practices
On July 7, the CFPB issued its long-awaited final rule (the 2020 Final Rule) amending the regulations that govern payday loans, vehicle title loans and certain high-cost installment loans. As expected, the CFPB revoked the...more
In another busy stretch for the Consumer Financial Protection Bureau (CFPB or Bureau), lawmakers reached out to the Bureau and the Department of Education (DOE) regarding protections for student borrowers, while the CFPB and...more
Director Kathy Kraninger is in the news, taking a hard line on civil investigative demands (CIDs), backing two new settlements and issuing a further delay of the payday loan rule. Meanwhile, consumer groups criticized the...more
The Consumer Financial Protection Bureau (CFPB or Bureau) has been busy under Director Kathy Kraninger, taking enforcement actions against an online lender, an online loan broker and a group of international payday lenders....more
The Bureau of Consumer Financial Protection (CFPB or Bureau) may have changed its name under Acting Director Mick Mulvaney, but its recent enforcement action against a small-dollar lender in Tennessee makes it look just like...more
It’s a huge week for the Consumer Financial Protection Bureau (CFPB), as it announces a “call for evidence” on how well it is performing its “proper and appropriate” functions, and the bureau announces that it will reconsider...more
More Consumer Financial Protection Bureau rules may be reversed as lawmakers moved to dismantle both the payday loan rule and the auto lending rule. Meanwhile, a kinder, gentler CFPB announced its intent to revise its final...more
Shortly before the Consumer Financial Protection Bureau (CFPB) issued its payday loan rule, the New York Department of Financial Services (DFS) announced a consent order with a payday loan servicer and debt collector totaling...more
Courts in California delivered some important banking developments in two recent decisions, with a federal court finding a charge for failing to replenish an overdrawn account constituted interest while the state's highest...more
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
Analogizing to payday loans, a new report from the Consumer Financial Protection Bureau (CFPB) said research revealed that auto title loans reflect high rates of reborrowing that can lead to long-term "debt traps" where a...more
Continuing its efforts against payday lenders, New York's Department of Financial Services (DFS) announced a consent decree with National Credit Adjustors (NCA) and Webcollex totaling $3 million....more
6/23/2016
/ Consent Order ,
Debt Buyers ,
Debt Collection ,
Department of Financial Services ,
FDCPA ,
Injunctive Relief ,
NYDFS ,
Payday Loans ,
Penalties ,
Restitution ,
Usury
Joining the ranks of guns, drugs, and illegal activities, payday loan advertisements are no longer allowed on Google.
What happened -
"When reviewing our policies, research has shown that these loans can result in...more
Why it matters -
The operators of a scam that processed more than $5.2 million in payments from consumers for payday loans that were not owed to the operators are now banned from the debt collection business, the...more
10/6/2015
/ Criminal Prosecution ,
Debt Collection ,
Debt Collectors ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
FTC Act ,
Guilty Pleas ,
Mail Fraud ,
Misrepresentation ,
Payday Loans ,
Personally Identifiable Information ,
Prison ,
Redress Payments ,
Scams ,
Section 5 ,
Wire Fraud
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
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
Why it matters -
In the agency’s first action against a title lender, the Federal Trade Commission (FTC) recently reached a deal with a pair of car title lenders accused of deceptive advertising. The Commission alleged...more
A new report from the Consumer Financial Protection Bureau (CFPB) highlighted the agency’s supervisory efforts with regard to nonbank financial institutions like payday lenders, debt collectors, and consumer reporting...more
How can financial institutions better serve underbanked individuals? -
An advisory panel convened by the Federal Deposit Insurance Corporation (FDIC) met recently to discuss possible answers to this question....more
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
Swipe Fee Settlement Yields More Litigation -
Although the parties reached a $7.25 billion class action settlement of the antitrust suit brought by merchants against Visa and MasterCard over swipe fees, the case is far...more
1/31/2014
/ Antitrust Litigation ,
Banks ,
Business Judgment Rule ,
Class Action ,
Deposit Advances ,
Directors ,
FDIC ,
Fees ,
MasterCard ,
Merchant Fees ,
Payday Loans ,
Settlement ,
Visa Inc