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Payday Loans

OCC to National Banks: Please Compete With Payday Lenders!

This week, the Office of the Comptroller of the Currency (OCC) signaled a big shift in how it views small-dollar installment loans issued by the institutions it regulates. In OCC Bulletin 2018-14 to the CEOs of all national...more

OCC small-dollar lending bulletin: one step forward but one step back?

by Ballard Spahr LLP on

The OCC has issued a bulletin (2018-14) setting forth core lending principles and policies and practices for short-term, small-dollar installment lending by national banks, federal savings banks, and federal branches and...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The US House included the revised Volcker Rule that we’ve discussed in a broader package of Dodd-Frank reforms that it passed with bipartisan support last night. The bill—ostensibly aimed at easing restrictions on small to...more

A reply to Professor Sovern

by Ballard Spahr LLP on

As readers of this blog already know, Professor Jeff Sovern and I come at most issues from different sides of the street.  Over the years, through our respective blogs and at various programs, we have engaged in spirited but...more

Deadline expires for CRA resolution to override CFPB payday lending rule

by Ballard Spahr LLP on

The 60-day period during which the Senate could pass a resolution under the Congressional Review Act disapproving the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) with only a simple majority...more

Consumer financial services at a crossroads: Small-dollar loans

by White & Case LLP on

Supervision - The CFPB has historically focused on how to address so-called "debt traps" associated with payday lending. After five years of research and public comments, the CFPB released its final rule regulating...more

Fifth Circuit agrees to hear challenge to CFPB’s constitutionality

by Ballard Spahr LLP on

The U.S. Court of Appeals for the Fifth Circuit has agreed to hear an interlocutory appeal challenging the CFPB’s constitutionality requested by the defendants in a lawsuit filed by the CFPB in 2016 that alleges the...more

CFPB Files Notice of Appeal in Payday Lending Case

by Weiner Brodsky Kider PC on

The CFPB recently appealed the judgment that it obtained against a national payday lender, in which the district court ordered a significantly smaller penalty than the CFPB had sought....more

Mulvaney Issues Report Outlining Proposals to Reform CFPB

by BakerHostetler on

Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued its semiannual report (the “Report”) to the President and Congress. In the Report, Acting CFPB Director Mick Mulvaney proposes to significantly reform...more

A third bite at the apple: trade groups file lawsuit challenging CFPB payday loan rule

by Ballard Spahr LLP on

Two trade groups, the Consumer Financial Service Association of America, Ltd. and the Consumer Service Alliance of Texas, have filed a lawsuit against the CFPB in a Texas federal district court challenging the CFPB’s final...more

CFPB issues twelfth semi-annual report

by Ballard Spahr LLP on

The CFPB has issued its twelfth Semi-Annual Report to the President and Congress covering the period April 1, 2017 through September 1, 2017....more

“True Lender” Litigation on the Rise: Recent Litigation and Enforcement Actions Challenge Traditional Bank Partnership Model

Over the last two years the financial industry has seen an uptick in litigation and enforcement actions aimed at banks and their non-bank lending partners. These actions have primarily challenged the validity of the bank...more

Pay Day Lending: Here Come the Banks!

by Vedder Price on

In a recent interview, Comptroller of the Currency Joseph Otting, announced the OCC’s plan to “clarify” its support of bank-offered deposit advance products. “Deposit advance products” are typically defined as small-dollar,...more

Senators urge CFPB not to reconsider payday loan rule

by Ballard Spahr LLP on

A group of Democratic senators (joined by two independent Senators) has sent a letter to Leandra English and Mick Mulvaney urging them to abandon any efforts by the CFPB to reconsider its final payday/auto title/high-rate...more

Senator Graham introduces CRA resolution to overturn CFPB payday loan rule; Mulvaney to testify on April 11 to House Financial...

by Ballard Spahr LLP on

The American Banker has reported that last week, Senator Lindsey Graham introduced a joint resolution under the Congressional Review Act (CRA) to override the CFPB’s final payday/auto title/high-rate installment loan rule...more

NYDFS sends survey request to online lenders

by Ballard Spahr LLP on

The New York Department of Financial Services has sent a letter directed to businesses that the DFS “understands…may be involved in online lending in the State of New York” and that asks recipients to complete a “New York...more

Lifting of Longstanding OCC Consent Order May Signal Improved Environment for Bank Partnerships

by Pepper Hamilton LLP on

On February 14, the Office of the Comptroller of the Currency (OCC) terminated a longstanding cease-and-desist order against payday lender ACE Cash Express, Inc. ...more

California DBO Reaches $160,000 Settlement with Payday Lender

by Goodwin on

?On March 12, 2018, the California Department of Business Oversight (California DBO) announced that it reached a settlement with a payday lender over allegations that the lender improperly raised the principal value of its...more

Virginia AG Reaches $243,000 Settlement with Online Payday Lenders and Servicers

by Goodwin on

On February 23, 2018, the Office of the Attorney General of Virginia (“Virginia AG”) announced that it had entered into a settlement agreement with several affiliated online payday lenders and debt collection companies (the...more

Is Payday The New Groundhog Day? What Bill Murray Can Teach Employers About New Pay Apps

by Fisher Phillips on

Most are familiar with Bill Murray’s classic comedy, “Groundhog Day,” in which egotistical weatherman Phil Connors repeatedly re-lives the date of February 2, 1993. At first, Connors relishes replicating the same events each...more

2017 Consumer Finance Year in Review

by Goodwin on

The consumer financial services industry began 2017 with optimism, as well as considerable uncertainty with the new Administration in the White House, knowing only that the year would bring change. And change it did bring...more

CFPB Drops Lawsuit Against Payday Lender

by Weiner Brodsky Kider PC on

The CFPB has dropped a recent lawsuit against a payday lender accused of charging up to 950% interest....more

Passive Investors in Payday Lending Operations Get Partial Reprieve

While tossing certain claims brought by Pennsylvania’s attorney general, a federal judge denied part of a motion to dismiss brought by online short-term lenders in an action accusing them of “renting” Native American tribes...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Chipotle and founder Steve Ells—which built an empire on the idea of offering a healthier, more authentic Mexican experience than its Tex-Mex fast food rivals—are turning ironically enough to Taco Bell’s CEO Brian Niccol to...more

Bills introduced directing NY DFS to issue report on online lending

by Ballard Spahr LLP on

Identical bills have been introduced in the New York Assembly (A08938) and Senate (S07294) that would direct the New York Department of Financial Services (DFS) to issue a report on online lending by July 1, 2018....more

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