Broad Coalition Opposes Proposal to Delay CFPB Payday Rule

The Consumer Financial Protection Bureau (CFPB) has proposed delaying when payday lenders would need to comply with a 2017 rule on predatory payday lenders by 15 months. This would allow the industry to skip the common-sense requirement that it verify that a borrower has the ability to repay a loan – and to continue trapping Americans in vicious cycles of …

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 …

Payday Loan Reform News – August 13

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 …

Payday Loan Reform News – August 6

Highlight A Gallery of Deregulators August 3, Jacobin The Office of the Comptroller of the Currency (OCC), which grants federal charters to banks, began accepting applications on Tuesday from financial technological (or “fintech”) firms like robo-stock advisors such as Betterment or lenders like SoFi or Lending Club. Other News Kristen Gillibrand Has an Ambitious Plan to Take on Payday Lenders: …

Payday Loan Reform News – July 30

    Online Lending Needs More Regulation: New York Regulator July 30, Bloomberg Online lenders should face stricter rules and oversight, according to a recent report from the New York Department of Financial Services (NYDFS). Despite a suspect nominee, CFPB can still protect consumers July 26, The Hill The Senate Banking Committee conducted a confirmation hearing for Consumer Financial Protection …

Payday Loan Reform News – June 18

  Highlight   Federal judge rejects CFPB’s effort to halt payday rule June 13, American Banker A federal court dealt a blow to efforts by the Consumer Financial Protection Bureau to slow down the agency’s payday lending rule. U.S. District Judge Lee Yeakel on Tuesday denied the request by acting CFPB Director Mick Mulvaney that the court delay the payday …

Mulvaney Ends CFPB Investigation into Campaign Contributor

For Immediate Release: January 23, 2018 Mulvaney Ends CFPB Investigation into Campaign Contributor WASHINGTON, D.C. – For the second time in a week, Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau (CFPB), has taken action to protect one of his campaign donors instead of consumers by dropping an investigation into World Acceptance Corporation, a Greenville, South Carolina-based …