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 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
All American Check Cashing has filed its reply brief in its interlocutory appeal to the U.S. Court of Appeals for the Fifth Circuit from the district court’s ruling upholding the CFPB’s constitutionality....more
10/4/2018
/ All American Check Cashing ,
Appeals ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
FHFA ,
Financial Services Industry ,
Interlocutory Appeals ,
Payday Loans ,
Removal For-Cause ,
Single Director ,
UDAAP ,
Unfair or Deceptive Trade Practices
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 CFPB has filed its opposition brief in the interlocutory appeal of All American Check Cashing to the U.S. Court of Appeals for the Fifth Circuit from the district court’s ruling upholding the CFPB’s constitutionality....more
9/14/2018
/ All American Check Cashing ,
Appeals ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Interlocutory Appeals ,
Payday Loans ,
Removal For-Cause ,
Single Director ,
UDAAP ,
Unfair or Deceptive Trade Practices
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
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 four consumer advocacy groups that filed an amicus brief opposing the joint motion filed by the CFPB and two trade groups seeking a stay of the compliance date for the CFPB’s final payday/auto title/high-rate installment...more
6/26/2018
/ Administrative Procedure Act ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Internet Lenders ,
Motion for Leave ,
Motion for Reconsideration ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Oversight ,
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
Four consumer advocacy groups have filed a motion seeking leave to file an amicus memorandum opposing the joint motion filed by the CFPB and two trade groups that seeks a stay of the compliance date for the CFPB’s final...more
6/7/2018
/ Amicus Briefs ,
Automotive Loans ,
Compliance Dates ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Financial Regulatory Reform ,
Financial Services Industry ,
Motion for Leave ,
Motion To Stay ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Oversight ,
Title Loans
The CFPB and the two trade groups that filed a lawsuit in April 2018 in a Texas federal district court challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) have filed a joint motion...more
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
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
5/18/2018
/ Automotive Loans ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Joint Resolutions ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Agenda ,
Regulatory Oversight ,
Title Loans ,
Tribal Loans
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
4/11/2018
/ Ability-to-Repay ,
Administrative Authority ,
Arbitrary and Capricious ,
Automotive Loans ,
Congressional Review Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Motion To Enjoin ,
Payday Lending Rule ,
Payday Loans ,
Removal For-Cause ,
Rulemaking Process ,
Single Director ,
Title Loans