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 …