Customer Finance Track. Home Financial solutions Committee passes bill to relieve limitations on bank loans that are small-dollar

Customer Finance Track. Home Financial solutions Committee passes bill to relieve limitations on bank loans that are small-dollar

CFPB, Federal Agencies, State Agencies, and Attorneys General

Earlier in the day this week, by a party-line 34-26 vote, the House Financial solutions Committee passed H.R. 4861, a bill apparently meant to relieve limitations on short-term, small-dollar loans produced by depository organizations. The bill is a component for the efforts of House Republicans to give you greater regulatory relief to banks than could be supplied by S.

OCC responds to CFPB’s last pay day loan guideline by rescinding its deposit advance item gu

Hours following the CFPB circulated its final payday/auto title/high-rate installment loan guideline on October 5, 2017, the OCC rescinded its gu …

CFPB problems proposed payday/auto title/high-rate installment loan guideline

Needlessly to say, the CFPB issued its payday that is proposed loan, in a launch operating 1,334 pages. The CFPB additionally issued reality sheet summarizing the proposition. On June 15, 2016, from 12 p.m. to 1 p.m. ET, we are going to hold a webinar in the proposition: The CFPB’s Proposed Payday/Auto Title/High-Rate Installment Loan Rule: Can …

On March 26, the CFPB held a hearing that is public payday and automobile title lending, exactly the same time so it circulated proposed laws for short-term small-dollar loans. Virginia Attorney General, Mark Herring offered starting remarks, during that he asserted that Virginia is regarded as the “predatory lending capital regarding the East Coast,” suggesting that payday …

CFPB shows its hand on payday (and name and longer-term high-rate) lending

The CFPB has relocated a action nearer to issuing pay day loan guidelines by releasing a pr release, factsheet and outline associated with the proposals it really is cons …

CFPB verifies plans for automobile finance bigger participant rule in rulemaking agenda

When you look at the latest semi-annual change of their rulemaking agenda, the CFPB formally confirmed it intends to propose a guideline to define “larger individuals of an industry for auto lending.” The formal verification follows statements created by Steven Antonakes at a Consumer Bankers Association meeting in April 2014 that the CFPB’s next bigger participant rule …

CFPB to carry March 25 pay day loan field hearing

The CFPB has announced that it shall be keeping a field hearing on pay day loans on March 25, 2014 in Nashville, Tennessee. The function will feature remarks by Director Cordray and testimony from customer teams, industry people, and also the public that is general.

The CFPB’s rulemaking agenda released at the conclusion of final 12 months included “prerule tasks” …

OCC and FDIC continue on hazard to kill deposit advance loans

We discovered much to criticize if the CFPB issued its White Paper this previous April on payday and deposit advance loans. Nonetheless, we stay hopeful that the CFPB can certainly make good on its dedication that any rule-making on these things is likely to be evidence-based.

Unfortuitously, the OCC and FDIC never have taken that approach. Alternatively, the …

CFPB reports deposit and payday advance loan findings at Senate cash advance hearing

David Silberman, the CFPB’s Associate Director of Research, Markets and Regulations, made the CFPB’s April 2013 white paper on payday and deposit advance loans the main focus of their testimony during the hearing held on July 24 because of the Senate’s Special Committee on Aging entitled “Payday Loans: Short-term Solution or long-lasting Problem?”

Once we formerly reported …

Elizabeth Warren and Bill Nelson help OCC and FDIC on deposit improvements

A buddy taken to my attention a two-page remark page from Senators Elizabeth Warren and Bill Nelson, commenting regarding the OCC’s proposed deposit advance guidance, the main topic of a blog that is prior. This is a remarkable for a letter co-authored by the single person most responsible for the creation of the CFPB.

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