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Consumer Financial Products › Borrowers › Payday Loans

Sheppard Mullin Richter & Hampton LLP

CFPB Plans Limited Enforcement of Payday Lending Rule

Sheppard Mullin Richter & Hampton LLP on

On March 28, the CFPB announced that it will not prioritize enforcement or supervision of the remaining provisions of its Payday, Vehicle Title, and Certain High-Cost Installment Loans Regulation, which were set to take...more

Ballard Spahr LLP

CFPB: Payday Plaintiffs Not Entitled to En Banc Rehearing

Ballard Spahr LLP on

The plaintiffs challenging the CFPB payday lending rule should not be entitled to an en banc rehearing because the issues they cite already have become final and the time for rehearing has lapsed, the CFPB said last week...more

Ballard Spahr LLP

FirstCash Files Motion for Partial Summary Judgment in Case Filed by CFPB

Ballard Spahr LLP on

FirstCash, a national pawnshop chain, is asking a federal judge to confirm that it has a statutory defense to all of the CFPB’s claims that it violated the Military Lending Act (MLA) while also asking the judge to drop three...more

Troutman Pepper Locke

CFPB Says Earned Wage Access Products are Subject to the Truth in Lending Act

Troutman Pepper Locke on

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed interpretive rule opining that earned wage access (EWA) products — whether provided through employer partnerships or marketed directly to...more

Troutman Pepper Locke

South Carolina Proposes Legislation to Impose Ability-to-Repay Analysis for Installment and Payday Loans

Troutman Pepper Locke on

On January 9, a group of five bi-partisan South Carolina Senators introduced Bill 910, which would, among other things, require persons (non-bank lenders) providing “consumer installment loans” or “deferred presentment loans”...more

Orrick, Herrington & Sutcliffe LLP

Minnesota further regulates payday loans

Orrick, Herrington & Sutcliffe LLP on

On May 24, Minnesota enacted SF 2744 (the “Act”) to amend several sections of the state statutes relating to payday loans. Among other things, Section 47.603 has been added to create barriers for payday lenders charging...more

Orrick, Herrington & Sutcliffe LLP

4th Circuit affirms certification of class action in tribal lending case

Orrick, Herrington & Sutcliffe LLP on

On January 24, the U.S. Court of Appeals for the Fourth Circuit concluded that a district court did not abuse its discretion when certifying a class action. The lawsuit alleges an individual who orchestrated an online payday...more

Jenner & Block

CFPB Publishes Market Snapshot Report on Consumer Use of State Payday Loan Extended Payment Plans

Jenner & Block on

Payday loans are small-dollar cash loans typically due in a single payment on the borrower’s next payday—they are extremely short-term and generally high-interest forms of consumer credit. If the borrower cannot pay off the...more

Goodwin

2021 Year in Review: Consumer Finance

Goodwin on

[co-authors: Amelie Hopkins, and Collin Grier] The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more

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