CFPB Monitor

JUNE 22, 2022

CFPB rulemaking was the subject of a new blog post by Director Chopra published last week titled “Rethinking the approach to regulations.”. That is because rulemaking is very labor intensive and time-consuming and often leads to lawsuits challenging it, with the payday loan rule serving as a good example. .

Regulation 78

Regulation Cards Tools Examples 78

CFPB Monitor

APRIL 13, 2020

Smaller numbers of complaints were also received regarding student loans, vehicle loans or leases, money transfers, money services and virtual currencies, personal loans, prepaid cards, payday loans, credit repair, and title loans.

Report 78

Report District of Columbia Survey social media 78

CFPB Monitor

DECEMBER 4, 2020

Such debts allegedly included debts for unauthorized or counterfeit payday loans, debts subject to unresolved fraud claims, debts in bankruptcy, debts in the process of being rebilled to consumers’ medical insurance, and debts already paid to the defendants.

Missouri 137

Missouri Exercises Report Lending 137

CFPB Monitor

MARCH 9, 2015

Much like the report itself, Director Cordray’s testimony largely rehearsed information with which we were already familiar, much of which we have covered on this blog. With respect to timing of the SBRP process for a payday loan rulemaking, Cordray told Rep. Maxine Waters, the committee’s ranking member, to “check back soon.”.

Tools 60

Tools Phoenix Metro Boston 60

Filene

AUGUST 18, 2016

Let’s cut to the chase—here are 3 different views on the impact of payday lending. Any way you slice or dice it, this dish leaves a bitter taste: If it were a country, the "Empire of Payday Lending" would be the 104th largest economy in the world.*. Payday Lending is the 104th Largest Economy in the World.

Lending 28

Lending Wisconsin Regulation Meeting 28

CFPB Monitor

OCTOBER 1, 2015

The extent of Bureau regulation of auto finance and its impact on dealerships : Several members of Congress expressed concern at the CFPB’s fair lending initiatives in the auto finance market. There were several noteworthy topics addressed which I have discussed below.

Lending 60

Lending Study Missouri Denver 60

PYMNTS

SEPTEMBER 7, 2016

“You have to pay a fee to check your balance, and you can’t take all your money out on payday,” Egan said. Proponents say payroll cards offer a way for underbanked employees to get paid, access funds and manage their finances. He also pointed to increasing national awareness of these issues.

Cards 100

Cards Oregon Policies Pennsylvania 100

PYMNTS

APRIL 23, 2018

A one billion dollar fine has arrived on Wells Fargo’s doorstep as part of a “coordinated action” between the Consumer Finance Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC). Just ask the team at Wells Fargo…. Wells ’ Billion Dollar Fine.

Data 100

Data Google Cards Lending 100

CFPB Monitor

JULY 6, 2020

The new agenda provides outdated information regarding when the Bureau can be expected to finalize its February 2019 proposal to rescind the ability to repay provisions of its final payday/auto title/high-rate installment loan rule. Property Assessed Clean Energy Financing. The agenda estimates pre-rule activity in October 2020.

Regulation 78

Regulation Policies FDIC Lending 78

CFPB Monitor

MARCH 27, 2015

The CFPB has moved a step closer to issuing payday loan rules by releasing a press release , factsheet and outline of the proposals it is considering in preparation for convening a small business review panel required by the Small Business Regulatory Enforcement Fairness Act and Dodd-Frank. The CFPB is considering two tapering options.

Lending 60

Lending Payments Report System 60

Jeff For Banks

DECEMBER 23, 2016

But this is a bankers' blog, and I want to remain topical. Finances, either personal or business, are more complex today than at any time in my life. Technologies that have been making finances easier are growing at a rapid rate. I believe customers want to interact with humans about their finances.

Taxes 60

Taxes Meeting Resources FDIC 60

Filene

JULY 7, 2016

Payday, vehicle title, and certain high-cost installment loans are often the only option for many Americans and the Consumer Financial Protection Bureau (CFPB) recently released proposed rules aimed to help people get out of exploitative debt traps.

Regulation 28

Regulation Lending Community US 28

PYMNTS

DECEMBER 27, 2016

Last year saw the agency offer up major revisions to regulation governing payday (and short-term) lending, arbitration in consumer contracts, car loans , marketplace lenders and p repaid cards. But the CFPB’s actions didn’t all receive quite so much universal praise and, on the whole, were more divisive. Rates peaked at around 2.4

Lending 117

Lending New York DC Cards 117

CFPB Monitor

MARCH 17, 2016

Director Cordray’s written testimony and much of his live testimony repeated familiar information that we have covered in various blogs. ” In June 2015, a group of more than 80 House and Senate Republicans sent a letter to Director Cordray asking the CFPB to reopen its arbitration study.

Study 60

Study Community Cards Report 60

Filene

MAY 17, 2017

If I did a satisfactory job and it was on the right Friday (aka payday), my mom would hand me my arguably well-deserved check from my gracious uncle. My mom clearly understood the importance of a credit union by financing our money there and I wish I could say the same. More than a fancy bank.

Industry 47

Industry Groups Strategy Marketing 47

Filene

JULY 15, 2016

I sat down with Adam Lee , Filene's Incubator Director, to follow up on the blog post he wrote last week about the ongoing payday lending proposed regulations debate, to go a bit deeper into the issue. H: What are you keeping an eye on in the debate over the proposed payday lending regulations? Here’s what I learned.

Community 28

Community FDIC Meeting Lending 28

CFPB Monitor

MARCH 13, 2015

The report indicates that recent supervisory resolutions in the areas of payday lending, mortgage servicing, and mortgage origination resulted in remediation of approximately $19.4 million to more than 92,000 consumers. ” The report describes various circumstances that created or permitted the compliance weaknesses.

Report 60

Report Lending Compliance Regulation 60

CB Insights

OCTOBER 10, 2017

An explosion of new consumer finance brands is transforming how people save, spend, and manage their money. To build a successful personal finance management tool, it’s important to understand the dynamics of user acquisition and growth. Download the 17 key takeaways from the 7 fastest-growing personal finance apps.

Tools 78

Tools Millennials US Maine 78

PYMNTS

OCTOBER 24, 2016

million recently sold for $400,000 but couldn’t find a bank to finance it for that amount. In many states, Uber driver blogs show calculations that reflect an hourly rate below minimum wage in those states after all expenses are deducted, even though that’s not even an apples-to-apples comparison of hourly wage calculations.

Apple 100

Apple Course New York New York City 100

CB Insights

NOVEMBER 16, 2017

So it’s not shocking that they chose to cultivate a single VC as an outside source of capital while raising only $60M of outside equity financing. And for Kleiner Perkins Caufield & Byers, which invested $8M in the company, it resulted in a huge multibillion-dollar payday. When Cisco acquired Cerent in 1999, the $6.9B

Lending 78

Lending Capital Company Google 78