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Consumer Finance Monitor Podcast Episode: How the CFPB Is Using Interpretive Rules to Expand Regulatory Requirements for... [Audio]

Today’s podcast, which repurposes a recent webinar, is the conclusion of a two-part examination of the CFPB’s use of a proposed interpretive rule, rather than a legislative rule, to expand regulatory requirements for earned...more

CFPB: Payday Plaintiffs Not Entitled to En Banc Rehearing

The plaintiffs challenging the CFPB payday lending rule should not be entitled to an en banc rehearing because the issues they cite already have become final and the time for rehearing has lapsed, the CFPB said last week...more

CFPB Proposes Interpretive Rule that EWAs Are Credit; Expedited Funding Fees and Tips May Be Finance Charges under Regulation Z

On July 18, 2024, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) proposed an interpretive rule that states (1) EWA products fall under the definition of “credit” under the Truth in Lending Act (“TILA”) and...more

Update on CFPB payday lending rule: “it ain’t over ‘till it’s over”

On June 14, the CFPB announced that its payday lending rule would become effective on  March 30, 2025.  However, the CFPB ignored the possibility of further litigation in CFSA v. CFPB, the case challenging the payday lending...more

SCOTUS CFSA decision to have broad impact

The U.S. Supreme Court’s ruling last week in CFSA v. CFPB that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution removes what many observers consider to be the last remaining...more

Consumer Finance Monitor Podcast Episode: A Close Look at the Recent Study of the Effects of Illinois' 36% “All-In” Interest Rate... [Video]

Using data for the last quarter of 2020 and first three quarters of 2021, the study examined the effects of the 36% rate cap imposed by the Illinois Predatory Loan Prevention Act which became effective in March 2021. The...more

Fifth Circuit Rules that the Consumer Financial Protection Bureau is Unconstitutionally Funded: What Does the Decision Mean? A... [Video]

In a decision with enormous potential implications, a unanimous three-judge panel of the U.S. Court of Appeals for the Fifth Circuit has ruled that the manner in which the CFPB is funded violates the Appropriations Clause of...more

Fifth Circuit holds oral argument in trade groups’ challenge to CFPB payday loan rule

The Fifth Circuit held  oral argument yesterday in the appeal filed by the trade groups challenging the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule).  Click here...more

CFPB issues report on state payday loan extended payment plans

A new CFPB report, “Market snapshot: Consumer use of State payday loan extended payment plans,”  describes the requirements of state payday loan extended payment plan laws in the 16 states that have such laws....more

Fifth Circuit sets oral argument date in trade groups’ challenge to CFPB payday loan rule

The Fifth Circuit has scheduled oral argument for May 11, 2022 in the appeal filed by the trade groups challenging the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule....more

CFPB publishes Fall 2020 rulemaking agenda

The CFPB has published its Fall 2020 rulemaking agenda as part of the Fall 2020 Unified Agenda of Federal Regulatory and Deregulatory Actions. It represents the CFPB’s fourth rulemaking agenda under Director Kraninger’s...more

Trade groups file opposition to CFPB’s motion for summary judgment in Texas lawsuit challenging CFPB payday loan rule

The industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed their combined opposition to the CFPB’s cross-motion for summary judgment and...more

CFPB publishes notice on plans to conduct research for developing payday loan disclosures

The CFPB has published a notice in the Federal Register indicating that it has hired a contractor to conduct one-on-one consumer interviews “to evaluate and refine potential options for a Bureau-designed payday loan...more

Community group files lawsuit in D.C. federal district court to restore CFPB payday loan rule ability-to-repay provisions

The National Association for Latino Community Asset Builders, represented by Public Citizen and the Center for Responsible Lending, filed a lawsuit against the CFPB in D.C. federal district court seeking to overturn the...more

CFPB Issues Final Rule Rescinding Payday Loan Rule Ability To Repay Provisions And Ratifies Rule’s Payments Provisions

The CFPB has issued its long-awaited final rule rescinding the ability-to-repay provisions in its final payday/auto title/high-rate installment loan rule (Payday Rule).  The final rule will be effective 90 days after its...more

CFPB Publishes Spring 2020 Rulemaking Agenda

The CFPB has published its Spring 2020 rulemaking agenda as part of the Spring 2020 Unified Agenda of Federal Regulatory and Deregulatory Actions. It represents the CFPB’s third rulemaking agenda under Director Kraninger’s...more

Federal banking agencies issue interagency principles for small-dollar loans

The Federal Reserve, OCC, FDIC, and NCUA have issued “Interagency Lending Principles for Offering Responsible Small-Dollar Loans.”  The agencies state that the principles are intended “to encourage supervised banks, savings...more

Court continues stay of litigation and compliance date in trade group lawsuit challenging CFPB payday loan rule (UPDATED)

The Texas federal district court hearing the lawsuit filed by two trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) entered an order that once again continues the stay...more

CFPB and trade groups file status report in lawsuit challenging CFPB payday loan rule

A new joint status report was filed this past Friday with the Texas federal district court hearing the lawsuit filed by two trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday...more

CFPB announces settlement with payday and auto title loan lender to resolve alleged CFPA, FCRA, and TILA violations

The CFPB announced that it has entered into a settlement with Cottonwood Financial, Ltd., to resolve alleged violations by Cottonwood of the CFPA, FCRA, and TILA in the course of marketing, servicing, and collecting on...more

Virginia House of Delegates passes bill to establish 36% rate cap for “short-term” and other loans

On January 31, 2020, by a vote of 65 to 33, the Virginia House of Delegates passed a bill that would establish a 36% rate cap on certain consumer loans.  Since Democrats also hold a majority in the Virginia Senate, the Senate...more

NCUA finalizes rule authorizing new payday loan alternative option

The National Credit Union Administration has published a final rule in the Federal Register that amend the NCUA’s general lending rule to provide federal credit unions (FCU) with a second option for offering “payday...more

Texas federal court again continues stay of CFPB payday loan rule and stay of compliance date

The Texas federal district court hearing the lawsuit filed by two trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) entered an order yesterday that once again continues...more

FDIC settles Operation Choke Point lawsuit; entire lawsuit dismissed

The FDIC has announced that it has entered into a settlement of the lawsuit filed against it and the OCC in 2014 by a trade group and several payday lenders challenging “Operation Choke Point” — a federal  enforcement...more

Upcoming Congressional Hearings on Small-Dollar Lending & Auto Finance

This week, two House Financial Services Subcommittees will hold hearings. Today at 2:00PM ET, the Consumer Protection and Financial Institutions Subcommittee will convene a hearing entitled, “Ending the Debt Traps in the...more

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