Payday Loan Reform in the News – January 28, 2019

Highlight One study, two vastly different visions for CFPB payday rules January 23, American Banker Kate Berry When Columbia University law professor Ronald Mann undertook a survey of 1,000 payday loan customers to determine if they could estimate how long it would take to repay a loan, little did he know that the resulting study would become a lightning rod …

FDIC Should Prevent High-Cost Bank Loans and Stop Rent-a-Bank Schemes

WASHINGTON, D.C. – Today, 88 organizations from The Stop the Debt Trap campaign, a coalition of state and national consumer, civil rights, faith, seniors’, labor, and other groups, submitted a comment to the Federal Deposit Insurance Corp. (FDIC) urging the agency’s leadership not to support unaffordable bank loans above a 36% annual percentage rate (APR), to require underwriting that considers …

Payday Loan Reform in the News – January 18, 2019

Highlight CFPB to scrap key underwriting portion of payday rule January 14, American Banker Kate Berry The Consumer Financial Protection Bureau is expected to eliminate underwriting requirements in a highly anticipated revamp of its payday lending rule, according to sources familiar with the bureau’s proposal. But sources familiar with the agency’s thinking say the CFPB — now led by Trump …

Kathy Kraninger Should Protect Consumer From Debt Trap Loans

FOR IMMEDIATE RELEASE: December 6, 2018 CONTACT: Desmond Lee; desmond.lee@berlinrosen.com; 646-517-1826                   KATHY KRANINGER SHOULD PROTECT CONSUMERS FROM DEBT TRAP LOANS WASHINGTON, D.C. – Today, the GOP-controlled Senate narrowly voted along party lines to confirm Kathy Kraninger for Director of the Consumer Financial Protection Bureau (CFPB). Kraninger – who currently works as an aide to Mick Mulvaney at the Office …

Payday Loan Reform News – November 5

Highlight   Editorial: Taking step back on payday lending unwarranted October 30, Herald-Dispatch The Consumer Financial Protection Bureau announced it will revisit a crucial part of its year-old payday-lending industry regulations. This move that will likely make it more difficult for the bureau to protect consumers from potential abuses, if changed. More Coverage: Consumer Financial Protection Bureau to revisit payday-loan …

Payday Loan Reform News – October 29

Highlight   Herring, other AGs, seek continued consumer protection for service members Fairfax News, October 23 In a letter to the CFPB and Director Mulvaney, Herring and a bipartisan coalition of 32 other attorneys general urge the CFPB to reconsider its reported decision to stop examining lenders to ensure they are complying with the MLA. More Coverage: Jackley calls for …

Mulvaney’s Consumer Bureau Signals Plans To Roll Back Consumer Protections Against Payday Debt Traps

FOR IMMEDIATE RELEASE: October 26, 2018 CONTACT: Desmond Lee; desmond.lee@berlinrosen.com; 646-517-1826                   Carter Dougherty, carter@ourfinancialsecurity.org; (202) 251-6700   MULVANEY’S CONSUMER FINANCIAL PROTECTION BUREAU SIGNALS PLANS TO ROLL BACK CONSUMER PROTECTIONS AGAINST PAYDAY DEBT TRAPS   WASHINGTON, D.C. – Today, the consumer bureau, under acting director Mick Mulvaney and deputy director Brian Johnson, has announced its plans to “reconsider” the “ability-to-repay provisions” of its landmark …

Stop The Debt Trap Campaign Statement on One-Year Anniversary of the CFPB Issuing the Payday Rule

Contact: Desmond Lee; desmond.lee@berlinrosen.com; 646-517-1826 Courtney Boland; courtney.boland@berlinrosen.com; 646-757-8755 For Immediate Release October 5, 2018 Predatory lenders and now new CFPB leadership have the rule in their cross-hairs WASHINGTON, D.C. – Exactly one year ago today, the Consumer Financial Protection Bureau (CFPB) issued a final rule to help stop payday and car-title loans from trapping consumers in debt. Since then, predatory lenders …

Payday Loan Reform News – October 2

Highlight   Protect the Military Lending Act September 20, The Hill Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney has vowed to end proactive oversight of payday lenders and other predatory lenders, accusing his own agency’s supervisors of being “overly aggressive.” The MLA’s protections include clear-cut guidelines for bank and non-bank lenders. Among them, lenders can’t charge service members …