CFPB Monitor

AUGUST 7, 2019

In its press release, the DFS claims that the investigation will look into “allegations of unlawful online lending” and “will help determine whether these payroll advance practices are usurious and harming consumers.” Under former Director Cordray’s leadership, the CFPB took action against structured settlement and pension advance companies.

Industry 92

Industry Puerto Rico South Dakota North Dakota 92

PYMNTS

JANUARY 22, 2019

Could it be that the CFPB, under new Executive Director Kathy Kraninger , will be moving directly to eliminate the more controversial provisions of its payday lending rule? In April, Mulvaney sided with two payday lending groups that sued the CFPB in an attempt to invalidate the regulatory restrictions created by the new rules. .

Lending 153

Lending South Carolina Regulation Groups 153

PYMNTS

DECEMBER 5, 2017

As we noted when we first covered the final draft of the payday lending rule , Congress retains the power to keep the rule from ever making it into the books, so to speak, through the power of the Congressional Review Act. However, as recently as a few weeks ago, the use of the CRA to block the payday lending rule seemed somewhat unlikely.

Lending 100

Lending South Carolina Policies Leadership 100