CFPB, Federal Agencies, State Agencies, and Attorneys General
Previously this week, by a party-line 34-26 vote, the House Financial solutions Committee passed H.R. 4861, a bill apparently meant to relieve limitations on short-term, small-dollar loans produced by depository organizations. The bill is a component associated with the efforts of House Republicans to supply greater regulatory relief to banks than could be supplied by S.
OCC responds to CFPBвЂ™s payday that is final guideline by rescinding its deposit advance product gu
Hours following the CFPB circulated its final payday/auto installment that is title/high-rate guideline on October 5, 2017, the OCC rescinded its gu вЂ¦
CFPB problems proposed payday/auto title/high-rate installment loan guideline
As you expected, the CFPB issued its payday that is proposed loan, in a release operating 1,334 pages. The CFPB additionally issued reality sheet summarizing the proposition. On June 15, 2016, from 12 p.m. to 1 p.m. ET, we are going to hold a webinar in the proposition: The CFPBвЂ™s Proposed Payday/Auto Title/High-Rate Installment Loan Rule: Can вЂ¦
On March 26, the CFPB held a hearing that is public payday and automobile title lending, the exact same time so it circulated proposed laws for short-term small-dollar loans. Virginia Attorney General, Mark Herring offered starting remarks, during which he asserted that Virginia is regarded as the lending that isвЂњpredatory regarding the East Coast,вЂќ suggesting that payday вЂ¦
CFPB shows its hand on payday (and name and longer-term high-rate) lending
The CFPB has relocated a action nearer to issuing loan that is payday by releasing a news release, factsheet and outline associated with the proposals it’s cons вЂ¦
CFPB verifies plans for automobile https://paydayloanscalifornia.net/ finance bigger participant guideline in rulemaking agenda
Within the latest semi-annual enhance of their rulemaking agenda, the CFPB formally confirmed it intends to propose a guideline to determine вЂњlarger individuals of an industry for auto lending.вЂќ The formal confirmation follows statements created by Steven Antonakes at a Consumer Bankers Association meeting in April 2014 that the CFPBвЂ™s next bigger participant rule вЂ¦
CFPB to keep March 25 cash advance field hearing
The CFPB has established so it will be holding a field hearing on payday advances on March 25, 2014 in Nashville, Tennessee. The big event will feature remarks by Director Cordray and testimony from customer teams, industry people, therefore the average man or woman.
The CFPBвЂ™s rulemaking agenda granted at the conclusion of final included вЂњprerule activitiesвЂќ year вЂ¦
OCC and FDIC continue on hazard to kill deposit advance loans
We found much to criticize once the CFPB issued its White Paper this previous April on payday and deposit advance loans. Nevertheless, we stay hopeful that the CFPB is likely to make good on its dedication that any rule-making on these things would be evidence-based.
Regrettably, the OCC and FDIC never have taken that approach. Alternatively, the вЂ¦
CFPB reports deposit and payday advance loan findings at Senate pay day loan hearing
David Silberman, the CFPBвЂ™s Associate Director of Research, Markets and Regulations, made the CFPBвЂ™s April 2013 white paper on payday and deposit advance loans the main focus of his testimony in the hearing held on July 24 by the SenateвЂ™s Special Committee on Aging entitled вЂњPayday Loans: Short-term Solution or long-lasting Problem?вЂќ
Once we formerly reported вЂ¦
Elizabeth Warren and Bill Nelson help OCC and FDIC on deposit improvements
A pal taken to my attention a two-page remark page from Senators Elizabeth Warren and Bill Nelson, commenting in the OCCвЂ™s proposed deposit advance guidance, the topic of a previous web log. For the page co-authored by the single person most in charge of the development of the CFPB, that is an amazing.