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Underwriting Payday Loans

Alston & Bird

Payday Lending: A Juxtaposition of Recent CFPB Actions

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A&B ABstract: Three recent actions by the Consumer Financial Protection Bureau (“CFPB”), on consecutive days, highlights inconsistencies in the CFPB’s current approach to payday lending....more

Ballard Spahr LLP

Texas Federal Court Lifts Stay Of Lawsuit Challenging CFPB Payday Loan Rule And Sets Briefing Schedule

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The Texas federal district court hearing the lawsuit filed by two trade groups challenging the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) has entered an order lifting the stay of lawsuit,...more

Ballard Spahr LLP

U.S. Supreme Court Seila Law Decision Throws Past CFPB Actions Into Question

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Last Monday, in Seila Law v. CFPB, the U.S. Supreme Court held that the structure of the CFPB, with a single-director who the President could not remove without cause, violates the separation of powers mandated by the U.S....more

Ballard Spahr LLP

Supreme Court Invalidates DHS Rescission Of DACA Program: Implications For Payday Lenders

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In an opinion authored by Chief Justice Roberts (the “DACA Opinion”), the Supreme Court has concluded that the rescission of the DACA program by the U.S. Department of Homeland Security (DHS) was arbitrary and capricious and...more

White & Case LLP

Consumer financial services: The road ahead: Small-dollar loans

White & Case LLP on

In February 2019, the CFPB released the highly anticipated revamp of its Payday Rule, reinforcing its more lenient attitude towards payday lenders. In light of the Bureau’s softer touch, as well as similar developments at the...more

Ballard Spahr LLP

CFPB Proposes Revisions to Final Payday/Auto Title/High-Rate Installment Loan Rule

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The Consumer Financial Protection Bureau (CFPB) has issued highly anticipated proposed revisions to its final payday/auto title/high-rate installment loan rule that would rescind the rule's ability-to-repay provisions—which...more

Bradley Arant Boult Cummings LLP

CFPB Guts Major Component of Payday Lending Rule

Today February 6, 2019, the CFPB proposed amendments to its Payday, Vehicle Title, and Certain High-Costs Installment Loans Rule. As anticipated, the bureau is proposing to rescind the rule’s requirements that lenders make...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

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

Clark Hill PLC

Mammoth CFPB Payday Rule Would Dramatically Change the Lending Marketplace

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Originally published in "InsideArm" - June, 2016. In a 1300+ page proposal, exclusive of attachments, the Consumer Financial Protection Bureau (CFPB) laid out its plan June 2 to force a sweeping redesign of the...more

BakerHostetler

CFPB Releases Expansive Payday Lending Rule

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The Consumer Financial Protection Bureau (CFPB) released its much anticipated proposed rule aimed at ending what it calls “payday lending debt cycles.” The 1,334-page rule will require small-dollar lenders to undertake...more

BakerHostetler

CFPB to Announce Small-dollar Lending Rule on June 2

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On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Kansas City, Missouri, on June 2 regarding small-dollar lending, commonly referred to as payday lending. It is...more

BakerHostetler

CFPB to Announce Small-dollar Lending Rule on June 2

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On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Kansas City, Missouri, on June 2 regarding small-dollar lending, commonly referred to as payday lending. It is...more

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