Highlights
Mulvaney Looks Weaken Oversight of Military Lending
August 10, The New York Times
The Trump administration is planning to suspend routine examinations of lenders for violations of the Military Lending Act, which was devised to protect military service members and their families from financial fraud, predatory loans and credit card gouging, according to internal agency documents.
CFPB is no place for Trump’s neophyte nominee
August 8, USA Today
If President Donald Trump has his way, someone with zero experience regulating or overseeing financial institutions will be charged with protecting American consumers against scams by banks, loan issuers, debt collectors and other financial players.
Reposts: Courier & Press, Times Record News
Other News
White House Takes Aim At Financial Protections For Military
August 13, National Public Radio
The Trump administration is taking aim at a law designed to protect military service members from getting cheated by shady lending practices.
Mulvaney to weaken military lending oversight
August 11, CNN Politics
The Trump administration plans to eliminate routine audits of lenders for violations of the Military Lending Act, according to internal agency documents, The New York Times reported on Friday.
More Coverage:
Mulvaney to weaken military lending oversight | KRDO
What happens when the government stops doing its job?
August 10, The Washington Post
Key agencies appear to have backed off the enforcement of regulations even when action to protect citizens is essential to the spirit of the laws.
Suburb places moratorium on new license for payday lenders, used auto dealers and other businesses
August 9, Birmingham Business Journal
According to the Shelby County Reporter, the Pelham City Council has placed a business license moratorium on certain businesses for one year.
Critics Say PAL Program Would Make CUs No Better Than Payday Lenders
August 9, Credit Union Times
A proposed NCUA Payday Alternative Loan program would not expand credit opportunities to members and would blur the line between credit unions and predatory lenders, the National Federation of Community Development Credit Unions has charged.
Study Shows the Worst States for Payday Loan Borrowers
August 9, lendedu
Payday loans often carry interest charges 20 times greater than the average credit card, but it hasn’t stopped Americans from using them. And depending on the state, some will charge you more interest than others.
For now, lenders still on the hook under CFPB August 2019 payday rule
August 8, JDSUPRA
As it stands, lenders are on the hook to comply with the payday rule beginning August 2019. The rule prohibits lenders from making short-term and longer-term balloon payment loans, including payday and vehicle title loans, without reasonably determining that consumers have the ability to repay the loans according to their terms.
Senator Nelson signs bill to prevent lenders from ripping off service members
August 7, WJHG
He told a group of local veterans he signed a bill to keep lenders from charging more than 24 percent interest for most loans.If it passes, the bill would also crack down on debt collectors making harassing phone calls to a service member’s commanding officer and offer more protection toward those who have been discharged from active duty for up to one year through the Military Lending Act.
Jenkintown payday lender who helped bring down two industry titans sentenced to 3 years in prison
August 7, The Inquirer
A Jenkintown payday lender who turned preying upon the financially vulnerable into a family business before helping federal prosecutors put two titans of the industry behind bars was sentenced to 37 months in prison Tuesday and ordered to pay more than $20 million in financial penalties.
Consumers still want financial regulation
August 7, The Philadelphia Tribune
A decade ago, the entire nation suffered through a financial crisis that led to the brink of a global financial collapse. A new poll finds that even with the passage of a decade, consumers still support financial regulation and related enforcement. Moreover, when it comes to payday and car-title lending, consumer scorn has grown even stronger over the past year for these small-dollar, debt-trap loans that come with triple-digit interest rates.
More Coverage:
CFPB; New National Poll Finds Consumers Still Want Financial Regulation | Thy Black Man