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Consumer Financial Products Payday Loans Proposed Regulation

Troutman Pepper

California DFPI’s Proposed EWA Legislation Rejected by Office of Administrative Law

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As discussed here, in March 2023, the California Department of Financial Protection and Innovation (DFPI) proposed new regulations under the California Financing Law that would interpret the definition of “loan” to include...more

Nutter McClennen & Fish LLP

Nutter Bank Report, June 2016

The Nutter Bank Report is a monthly publication of the firm's Banking and Financial Services Group. Headlines 1. Agencies Publish Proposed Rule to Limit Incentive-Based Compensation Arrangements 2. Guidance on New...more

A&O Shearman

US Consumer Financial Protection Bureau Proposes Rule Regulating “Pay Day Loan” Industry

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The US Consumer Financial Protection Bureau issued a lengthy proposed rule to regulate so-called “pay day loans.” Specifically, the proposed rule would impose restrictions on “covered loans,” defined as (i) loans with a term...more

K&L Gates LLP

Payday Loans Under Attack: The CFPB's New Rule Could Dramatically Affect High-Cost, Short-Term Lending

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On June 2, 2016, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) proposed a new rule under its authority to supervise and regulate certain payday, auto title, and other high-cost installment loans (the “Proposed...more

BakerHostetler

CFPB to Announce Small-dollar Lending Rule on June 2

BakerHostetler on

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Kansas City, Missouri, on June 2 regarding small-dollar lending, commonly referred to as payday lending. It is...more

BakerHostetler

CFPB to Announce Small-dollar Lending Rule on June 2

BakerHostetler on

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Kansas City, Missouri, on June 2 regarding small-dollar lending, commonly referred to as payday lending. It is...more

Ballard Spahr LLP

New report shows negative effect of CFPB’s contemplated payday loan proposals on credit availability

Ballard Spahr LLP on

A new report prepared by Charles River Associates for the Community Financial Services Association of America (CFSA) found that the CFPB’s contemplated proposals for payday (and other small-dollar, high-rate) loans would cut...more

Troutman Pepper

CFPB Proposals for Small-Dollar Loans: An Attempt to Kill an Industry?

Troutman Pepper on

On March 26, the Consumer Financial Protection Bureau (CFPB or Bureau) announced several proposals to regulate short-term and longer-term consumer loans. According to the Bureau, the proposals will likely have the effect of...more

Locke Lord LLP

Consumer Financial Protection Bureau (CFPB) Prepares Proposals to Add Repay Ability, Other Requirements to Small-Dollar Lending...

Locke Lord LLP on

How will the CFPB’s attempts to put an end to payday debt traps impact financial institutions and consumers? JS: If published as outlined, these proposals would impose all too familiar ability to repay requirements,...more

MoFo Reenforcement

The CFPB Outlines an Approach to So-Called “Debt Trap” Products

MoFo Reenforcement on

At a field hearing in Richmond, Virginia on March 26, the Consumer Financial Protection Bureau (CFPB) outlined the proposal it is considering to regulate payday lending. The proposal would cover short- and long-term payday...more

Locke Lord LLP

Locke Lord QuickStudy: CFPB Looks to End Consumer Debt Traps

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On March 26, 2015, the CFPB announced that it is considering proposing rules that would seek to “end payday debt traps” by requiring lenders to make sure that consumers can repay their loans and by restricting certain...more

Ballard Spahr LLP

The CFPB’s contemplated payday/title/high-cost lending proposals: our thoughts on collection practice limits

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This is the last of a series of blog posts in which we share our reactions to the CFPB’s contemplated proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”). In this blog post, we share our...more

Ballard Spahr LLP

Some issues for “longer-term” loans under the CFPB’s contemplated payday/title/high-cost lending proposals

Ballard Spahr LLP on

In this blog post, we share our thoughts on the 36% “all-in” rate trigger and restrictions for loans considered to be “longer-term” under the CFPB’s contemplated proposals taking aim at payday (and other small-dollar,...more

McGuireWoods LLP

CFPB Considering New Rules for Payday Lending

McGuireWoods LLP on

Last week, the Consumer Financial Protection Bureau (CFPB) announced that it was considering new rules for payday lending, the practice of making relatively short-term, high-interest loans to borrowers. ...more

Ballard Spahr LLP

Some issues for “short-term” loans under the CFPB’s contemplated payday/title/high-cost lending proposals

Ballard Spahr LLP on

In this blog post, we share our thoughts on how the CFPB’s contemplated proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”) will impact “short-term” Covered Loans and the flaws we see in...more

Ballard Spahr LLP

The CFPB’s contemplated payday/title/high-cost lending proposals: our initial reactions

Ballard Spahr LLP on

Last Friday, we posted a summary of the contemplated CFPB proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”). In this blog post, we share our thoughts on the CFPB’s grounds for the...more

Ballard Spahr LLP

CFPB holds hearing on payday and auto title loans in Richmond, VA

Ballard Spahr LLP on

On March 26, the CFPB held a public hearing on payday and auto title lending, the same day that it released proposed regulations for short-term small-dollar loans. Virginia Attorney General, Mark Herring gave opening remarks,...more

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