Last week, California Governor Newsom signed into law AB 539, which makes significant amendments to the California Financing Law (CFL), and SB 616, which creates a new exemption from levy for deposit account funds....more
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
10/8/2019
/ Closed-End Loans ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Unions ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Interest Rates ,
NCUA ,
Payday Loans ,
Regulatory Oversight ,
Regulatory Requirements ,
Rulemaking Process
The Texas federal district court hearing the lawsuit filed by two trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) entered an order yesterday that once again continues...more
5/31/2019
/ Ability-to-Repay ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Services Industry ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Rulemaking Process ,
Stays ,
Title Loans
This week, two House Financial Services Subcommittees will hold hearings.
Today at 2:00PM ET, the Consumer Protection and Financial Institutions Subcommittee will convene a hearing entitled, “Ending the Debt Traps in the...more
The Texas federal district court hearing the lawsuit filed by two trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule)...more
3/21/2019
/ Ability-to-Repay ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Services Industry ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process ,
Stays ,
Title Loans
The CFPB and the two industry trade groups that filed a lawsuit in a Texas federal district court challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) filed a status report with the...more
3/5/2019
/ Ability-to-Repay ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Services Industry ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Rulemaking Process ,
Title Loans
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
2/8/2019
/ Ability-to-Repay ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Rulemaking Process ,
Title Loans ,
Underwriting
The CFPB has entered into a proposed settlement with a group of corporate and individual defendants who were alleged to have engaged in unlawful conduct in connection with offering “short-term loans to consumers located in...more
2/5/2019
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
Financial Services Industry ,
Interest Rates ,
Online Marketplace Lending ,
Payday Loans ,
Settlement Agreements ,
Short-Term Loans ,
Usury
A group of 13 state attorneys general and the District of Columbia AG have sent a letter to the FDIC commenting on the agency’s request for information on small-dollar lending. ...more
A coalition of 14 state Attorneys General and the D.C. Attorney General have filed an amicus brief with the U.S. Court of Appeals for the Fourth Circuit in Williams v. Big Picture Loans in which a tribal lender and its tribal...more
1/17/2019
/ Amicus Briefs ,
Appeals ,
Consumer Financial Products ,
Consumer Lenders ,
Interest Rates ,
Internet Lenders ,
Motion to Dismiss ,
Native American Issues ,
Online Marketplace Lending ,
Payday Loans ,
Sovereign Immunity ,
Tribal Loans
This afternoon, Pew Charitable Trusts will host an event in Washington, D.C. focusing on Ohio’s Fairness in Lending Act. Enacted in July 2018, the Act places new limitations on payday loans including an interest rate cap, a...more
By an overwhelming vote (approximately 1,4270,000 million to 433,000), Colorado voters passed Proposition 111, a ballot initiative that places a 36 percent APR cap on payday loans. ...more
Last week, the Connecticut Fair Housing Center, Inc. filed a complaint against Liberty Bank in Connecticut federal district court alleging that the Bank engaged in discriminatory mortgage lending in violation of the federal...more
10/9/2018
/ Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Lenders ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Mortgages ,
Race Discrimination ,
Regulatory Standards
The CFPB is asking the Texas federal district court to give it a 45-day extension to respond to the preliminary injunction motion filed by two trade groups in their lawsuit challenging the CFPB’s final payday/auto...more
9/18/2018
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Extensions ,
Financial Services Industry ,
Internet Lenders ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Preliminary Injunctions ,
Rulemaking Process ,
Stays
The two trade groups that unsuccessfully attempted to obtain a stay of the August 19, 2019 compliance date for the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) have now filed a Motion for...more
9/18/2018
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Services Industry ,
Internet Lenders ,
Motion To Enjoin ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Preliminary Injunctions ,
Rulemaking Process ,
Stays
The Office of the Comptroller of the Currency (OCC) has issued an advance notice of proposed rulemaking (ANPR) on which it invites public comment “to solicit ideas for building a new framework to transform or on ways to...more
8/31/2018
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Comment Period ,
Community Reinvestment Act ,
Consumer Lenders ,
Economic Development ,
Financial Regulatory Reform ,
Financial Services Industry ,
Low-Income Issues ,
OCC ,
Regulatory Oversight ,
Regulatory Standards ,
Rulemaking Process
On August 7, the Texas federal court hearing the lawsuit filed by two trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) denied the trade groups’ motion for...more
8/23/2018
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Services Industry ,
Internet Lenders ,
Motion for Reconsideration ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Rulemaking Process ,
Stays
Resolving an ambiguity in the California Finance Lender's Law (CFLL), the California Supreme Court unanimously held that borrowers may use the unconscionability doctrine to challenge the interest rate on consumer loans of...more
8/17/2018
/ Ability-to-Repay ,
CA Supreme Court ,
CashCall ,
Consumer Financial Products ,
Consumer Lenders ,
Finance Lenders Law ,
Financial Services Industry ,
High-Interest Loans ,
Interest Rates ,
State and Local Government ,
Unconscionable Contracts ,
Unfair Competition Law (UCL)
A Texas federal court has denied the motion for reconsideration filed by the trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule)....more
8/9/2018
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Services Industry ,
Internet Lenders ,
Motion for Reconsideration ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Rulemaking Process
Ohio Governor John Kasich on Monday signed into law tough new restrictions on small-dollar lending. It will take at least 270 days until licensed lenders are required to comply with the limitations in the new law. ...more
The New York Department of Financial Services (NYDFS) has issued an Online Lending Report that calls for the application of New York usury limits to all online lending and increased regulation of online lenders making loans...more
7/13/2018
/ Consumer Financial Products ,
Consumer Lenders ,
Consumer Protection Laws ,
Disclosure Requirements ,
Financial Services Industry ,
NYDFS ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Oversight ,
Regulatory Requirements ,
True Lender ,
Usury
The CFPB has filed a response to the motion filed by four consumer advocacy group seeking leave to file an amicus brief opposing the motion of two trade groups for reconsideration of the Texas federal court’s June 12 order...more
7/3/2018
/ Amicus Briefs ,
Automotive Loans ,
Compliance Dates ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Motion for Reconsideration ,
Online Marketplace Lending ,
Payday Loans ,
Stays ,
Title Loans
The CFPB has filed a response in support of the motion for reconsideration filed by the trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule)....more
We have previously blogged about the industry challenge to the CFPB’s rule on payday/vehicle title/high rate installment loans. ...more
6/22/2018
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Services Industry ,
Motion for Reconsideration ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Oversight ,
Regulatory Requirements ,
Title Loans
A Texas federal court has granted the stay of the lawsuit filed by two trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) requested in a joint motion filed by the trade...more