CFPB delays compliance date for key part of payday lending rule
The CFPB issued a final rule late Thursday to delay the compliance date for mandatory underwriting provisions of the 2017 payday lending rule.
Payday lending
CFPB’s Kraninger digs in over halt to military lending exams
Kathy Kraninger, the bureau's director, is in a standoff with Democrats about her claim that the agency cannot supervise institutions under the Military Lending Act.
25 attorneys general oppose CFPB’s payday rule revamp
The AGs say the agency's plan to rescind ability-to-repay requirements for payday loans would undermine states' ability to enforce their own laws.
Democrats grill CFPB official on payday rewrite
The official told lawmakers Thursday that the research underlying the bureau's 2017 payday rule proposal did not support strict underwriting requirements of small-dollar loans.
Appeals court rules against online tribal lender
A panel of federal judges determined that Think Finance and an online tribal payday lender must comply with state interest rate and licensing laws.
Why CFPB payday revamp is an even bigger deal than you think
The proposed rollback of underwriting requirements for small-dollar lenders could redefine a legal doctrine that governs rules affecting other companies as well.
California lawmaker considers statewide CFPB
Assemblywoman Monique Limon is in the “early stages” of exploring how to create a state-level Consumer Financial Protection Bureau as part of a broader push for more consumer protection for state residents.
CFPB’s Kraninger grilled over payday, military lending
The bureau's director, Kathy Kraninger, faced a barrage of criticism from Senate Democrats on the agency's lack of enforcement actions, a reversal on Military Lending Act examinations and changes to the payday loans rule.
Consumer lender Insikt rebrands as Aura
The installment lender, which bills itself as an alternative to payday lenders, targets underserved communities and operates through a network of retail partners.
CFPB takes big step toward unwinding payday lending rule
In a major victory for small-dollar lenders, the agency plans to rescind underwriting requirements that were the centerpiece of the rule drafted by a Democratic appointee.
CFPB once again enters new year with direction TBD
The biggest question is whether new CFPB Director Kathy Kraninger will deviate from the pro-industry policies of her predecessor, or bring continuity.
‘I am very excited to be here’: Kraninger signals new tone atop CFPB
The newly sworn-in director’s first public remarks seemed to contrast with the approach of her predecessor, Mick Mulvaney, who at times questioned the role of the agency.
How Waters will keep pressure on CFPB
Democrats on the House Financial Services Committee are expected to shine a spotlight on Trump-appointed regulators, but that light might shine brightest on one agency in particular.
Would CFPB nominee mirror Mulvaney or go her own way?
Kathy Kraninger, who may get a confirmation vote as early as this week, has suggested a similar vision to that of the agency’s current acting chief. But some see signs she could bring a different approach to the job.
Colorado voters approve 36% interest cap on payday loans
The passage of Proposition 111, which also prohibits lenders from adding origination and monthly maintenance fees, makes Colorado the fifth state to impose caps on payday loans through a voter referendum.
Pentagon, others baffled by CFPB plan to cease military lending exams
The bureau says it lacks explicit authority to conduct routine supervision of lenders’ compliance with service member protections, but the decision has sparked pushback from the Defense Department and groups representing military personnel.
Waters bill would reverse Mulvaney’s deregulatory efforts at CFPB
The senior Democratic lawmaker said the CFPB chief and the Trump administration "are doing everything in their power to roll back consumer protections."
U.S. Bank returns to small-dollar lending. Will others follow?
The nation's fifth-largest bank on Monday rolled out a three-month consumer loan that is far less expensive than the typical payday loan. The move comes as regulators are encouraging banks to reach out to the subprime market, which they largely abandoned.
Can state AGs really serve as ‘mini-CFPBs’?
Several states pledged to compensate for a slowdown in enforcement at the Consumer Financial Protection Bureau under Mick Mulvaney, but their efforts have been complicated by tight budgets and doubts over whether such initiatives are necessary.
CFPB path to unwinding payday rule riddled with legal land mines
The bureau is expected to choose an option that could trigger court challenges after a judge yet again refused to halt the rule’s compliance date.
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