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Final Rules Payday Loans

Hudson Cook, LLP

Stuck in a Time Loop: The Compliance Clock Is Still Ticking for Small-Dollar Lenders in 2021

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During the past year, small-dollar lenders learned the fate of the Consumer Financial Protection Bureau’s (“CFPB”) final rulemaking addressing payday, vehicle title, and certain high-cost installment loans. In addition, the...more

Hudson Cook, LLP

CFPB Bites of the Month - November Top 10

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Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the CFPB to be considered by financial services providers. In this month's article, we share our top "bites" covered during...more

Goodwin

CFPB Grants No-Action Letter for Proposed Small-Dollar Credit Product

Goodwin on

In the News. The Consumer Financial Protection Bureau (CFPB) granted a no-action letter (NAL) regarding a proposed small-dollar credit product and sought comment on the CFPB’s plan to study how consumers locate, comprehend...more

Ballard Spahr LLP

Trade Groups File Amended Complaint In Texas Lawsuit Challenging CFPB Payday Loan Rule

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On August 28, 2020, the industry trade groups challenging the CFPB’s final Rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) filed their Amended Complaint in accordance with the briefing...more

Manatt, Phelps & Phillips, LLP

CFPB Issues Final Rule on Small-Dollar Lending With Good News and Bad News for the Industry

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

Ballard Spahr LLP

CFPB Issues Final Rule Rescinding Payday Loan Rule Ability To Repay Provisions And Ratifies Rule’s Payments Provisions

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The CFPB has issued its long-awaited final rule rescinding the ability-to-repay provisions in its final payday/auto title/high-rate installment loan rule (Payday Rule).  The final rule will be effective 90 days after its...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

Stay of Litigation and Compliance Date Continued in Payday Lending Rule Lawsuit

Following the status report filed last week by the parties involved in the lawsuit challenging the CFPB’s Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule, the Texas district court faced with the case...more

Ballard Spahr LLP

CFPB issues final rule delaying compliance date of payday loan rule ability-to-repay provisions; August 19 compliance date for...

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The CFPB has issued a final rule delaying the compliance date for the ability-to-repay (ATR) provisions in its final payday/auto title/high-rate installment loan rule (Payday Rule) for 15 months, until November 19, 2020....more

Eversheds Sutherland (US) LLP

CFPB Finalizes Payday Lending Rule - With a Few Changes

On October 5, 2017, the Consumer Financial Protection Bureau (CFPB) finalized its new rules governing the small-dollar consumer loan market, based on a proposal first released in June 2016. The rule requires underwriting for...more

Bradley Arant Boult Cummings LLP

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

Vedder Price

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

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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

Goodwin

CFPB Adds “Ability to Pay” Requirement to Payday Loans

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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

Morrison & Foerster LLP

CFPB Releases Final Payday Lending Rule

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

Ballard Spahr LLP

Will the CFPB issue a final arbitration rule before Jan. 20?

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Last week, the Wall Street Journal reported that the CFPB is pushing to finalize its arbitration rule before Donald Trump’s inauguration as President on January 20.  The comment period on the proposed rule closed on August...more

Bradley Arant Boult Cummings LLP

Changes to Military Lending Act on the Horizon

The Department of Defense (DoD) recently published its Final Rule amending the Military Lending Act’s (MLA) implementing regulation. The MLA, passed by Congress in 2006, provides active duty service members and their...more

Ballard Spahr LLP

CFPB highlights unlawful practices by consumer reporting agencies, debt collectors and payday lenders

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In its Spring 2014 Supervisory Highlights report issued yesterday, the CFPB highlighted deficiencies and violations it found during examinations of consumer reporting agencies (CRAs), debt collectors and payday lenders. The...more

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