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Attorney General for District of Columbia Files “True Lender” Complaint Against Elevate Bank Program

CFPB Monitor

The Attorney General for the District of Columbia, Karl A. Racine, (the “AG”) has filed a complaint against Elevate Credit, Inc. (“Elevate”) in the Superior Court of the District of Columbia alleging violations of the D.C.

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Nebraska voters chose to cap annual interest charged for payday lending at 36%

CFPB Monitor

Approximately 83% of Nebraska voters approved this Initiative, making Nebraska the 17th state, plus the District of Columbia, to limit interest rates on payday loans. This interest rate cap effectively curtails state licensed payday lending in the state of Nebraska.

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Michigan’s November 2022 Ballot to Include Fair Lending Proposal Capping Payday Loan Interest Rates

CFPB Monitor

Michiganders for Fair Lending – the initiative’s sponsor – collected over 570,000 signatures of which it submitted (after a quality control process) 405,265. If passed, Michigan would join 18 states plus the District of Columbia that have capped payday loan rates at 36% APR or less.

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State AGs submit comments to FDIC on small-dollar lending

CFPB Monitor

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. They recommend that “the FDIC discourage banks from entering into these relationships in any guidance it issues on small-dollar lending.”.

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New York leads states’ push to overturn OCC’s ‘rent-a-bank’ rule

American Banker

Seven states and the District of Columbia want to invalidate a new federal rule that threatens to hinder states’ power to cap interest rates on consumer loans.

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State Bank Regs File Suit To Block OCC’s Bank Charter

PYMNTS

District Court for the District of Columbia after reports in The Wall Street Journal last month revealed the CSBS’ plans for such a suit. Reports in Reuters on Thursday (Oct. 25) said the OCC was named as the defendant in a lawsuit filed by the Conference of State Bank Supervisors (CSBS). The body of U.S.

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PayPal Sues CFPB Over ‘Misleading’ Digital Wallet Disclosure Rules

PYMNTS

In the lawsuit, filed in in the United States District Court for the District of Columbia, PayPal said the CFPB rule that requires disclosure for digital wallets and prepaid debit cards places “unreasonable restrictions” on consumers’ abilities to link certain credit products to PayPal accounts.