Top Stories CFPB Reaffirms Plan to Overhaul Payday Lending Rule Credit Union Times, October 19 The CFPB reaffirmed its plan to issue revised payday lending rules “no later than” early next year”—a proposal that critics say could gut the regulations. CFPB Expected to Cut Payday Repayment Tests in Rule Overhaul October 19, Bloomberg News The CFPB released the …
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 …
Payday Reform News: August 13-19
Highlight: August 17, North Dallas Gazette: Faith Leaders Call for End to Abusive Payday Lending Practices This article summarizes the opinions of faith leaders on the CFPB rule regarding payday. The author mainly focuses on the faith leader’s joint criticism of the rules many loopholes. The author focuses on the 6-loan loophole for the majority of the article, as faith …