CFPB poised to reinstate tough stance on payday lenders
A recent statement by acting Director Dave Uejio is the clearest signal that the agency plans to revive strong underwriting standards that the Trump administration eliminated.
Payday lending
Banks, consumer groups both got what they wanted in ‘mini-CFPB’ bill
The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms.
CFPB declares most agency rules still valid after high court decision
The agency sought to provide certainty that most actions from the past eight years remain in effect despite the ruling that the bureau's leadership structure is unconstitutional.
CFPB political appointee to be named agency’s No. 2: Sources
Tom Pahl, a former longtime regulator at the Federal Trade Commission, has led key rulemaking efforts for the consumer bureau.
As Democrats urge pause in bank rules, GOP says hurry up
The congressional showdown over the pace of rulemaking during the pandemic is a hardening of older positions on banking policy ahead of the 2020 elections, observers said.
CFPB offers templates for banks, servicers to seek ‘no-action’ letters
The templates are meant to make it easier to obtain agency approval for small-dollar loan products and to accommodate mortgage servicers that want to provide online loss mitigation options.
California bill to pause foreclosures, repos draws fire from lenders
A Democratic measure to freeze foreclosures and auto repossessions through the coronavirus crisis while expanding eligibility for loan forbearance is getting strong pushback from banks and credit unions, which complain it would constrain credit.
CFPB rulemaking engine churns on through coronavirus
The agency is still moving forward on key regulations dealing with payday lending and mortgage underwriting despite new demands posed by the crisis.
CFPB urged to take more active role in coronavirus response
The agency has relaxed some reporting requirements and joined other regulators in encouraging banks to help borrowers, but pressure is building on the bureau to do more to aid consumers suffering financial hardship.
CFPB chief takes heat from Senate Dems for regulators’ response to virus
Kathy Kraninger was grilled about whether her agency and others were doing enough to cushion consumers from the economic blow of the coronavirus crisis.
Will the U.S. ever enact a national interest rate cap?
Most states have some kind of pricing limit on consumer loans. But proposals for a national usury law divide even Democrats, some of whom are concerned about restricting credit.
CFPB settlement would bar lender from doing business in 17 states
Think Finance, which had teamed with tribal lenders to offer high interest installment loans, could no longer make or collect on loans in states that have caps on interest rates, under terms of a proposed settlement with the Consumer Financial Protection Bureau.
Senate Dems urge CFPB watchdog to investigate restitution practices
In a letter to the agency's inspector general, the 15 lawmakers pointed to specific cases where they said the bureau departed from legal standards in deciding not to require restitution.
Supreme Court battle, presidential race loom over CFPB in 2020
The Consumer Financial Protection Bureau faces a busy policy agenda heading into the new year, as well as strong external forces that are beyond its control.
Opinion There’s a ‘true lender’ fight brewing in California
The state has proposed a law to cap the interest rate on certain consumer loans, but nonbanks aim to skirt it by seeking a rent-a-charter.
Tom Dresslar
California Department of Business Oversight
Stern warnings to lenders mulling end run around California rate caps
Federal and state policymakers wagged their fingers this week at high-cost lenders that might be looking to team with banks to evade a 36% ceiling on interest rates.
CFPB’s final payday rule should be ready in spring, agency says
In an update of its rulemaking agenda, the bureau said it "expects to take final action in April 2020" on a proposal that would rescind strong underwriting requirements.
By
Joe Adler
Another day, another Capitol Hill grilling for CFPB’s Kraninger
In her second day of congressional testimony, Kathy Kraninger took heat from Senate Democrats for weighing in on constitutional questions about her agency and for her enforcement track record.
Dems unload on CFPB’s Kraninger: ‘You are absolutely worthless’
CFPB Director Kathy Kraninger faced a barrage of questions from Democrats on the House Financial Services Committee over why the agency has not demanded refunds for consumers in recent settlements.
California on verge of capping rates on installment loans
The legislation, which passed a key test in the state Senate on Wednesday, is the product of a compromise between consumer advocates and some lenders.
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