Last week, the payday lending trade group, CFSAA, held their annual conference at none other than the Trump Doral resort near Miami. Last year, they moved their annual conference from Phoenix to Trump’s gaudy hotel and golf course. Later that year, then-director of the CFPB Mick Mulvaney signaled that the agency would roll back crucial protections against predatory lending practices, …
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 …
Payday Loans Reform News – October 30
Highlights The Little Guys Win One on Payday Loans October 23, New York Times Since the federal Consumer Financial Protection Bureau opened its doors in 2011, the agency’s investigations and enforcement actions have returned more than $12 billion to auto buyers, homeowners, credit-card holders and other borrowers who were victimized by deceptive or predatory practices. Consumers who have been …