The Consumer Financial Protection Bureau yesterday issued a final rule extending the compliance date for the mandatory underwriting provisions of its final rule governing short-term, small-dollar loans, from August 19, 2019, to November 19, 2020.
Browsing: Payday lending
In a comment letter to the Consumer Financial Protection Bureau yesterday, ABA urged the bureau to revise its payday rule to exclude traditional consumer loans offered by banks, such as “bridge” loans, demand lines of credit and loans secured by securities.
Rep. David Scott (D-Ga.) last week introduced a bill aimed at promoting financial inclusion for American consumers.
The Consumer Financial Protection Bureau today issued a “Supervisory Highlights” report focusing on recent examiner observations of several bank products or business lines, including auto loan servicing, credit cards, debt collection, mortgage servicing, payday lending, and for the first time, small business lending.
The Consumer Financial Protection Bureau today released a proposed rule that would sharply curtail short-term, small-dollar consumer loans.
Bankers and others are closely watching to find out if the usury battles thought long won and settled are re-opening.
Repeated attempts by online payday lenders to collect payments via direct debit can lead to unanticipated consequences for consumers’ bank accounts, according to a report issued by the Consumer Financial Protection Bureau today.
The Consumer Financial Protection Bureau is considering applying “ability-to-repay” standards to small dollar loans, which would require lenders to verify a prospective borrower’s income, major financial obligations and borrowing history before making a loan, Director Richard Cordray said today.
A large majority of banks provide small dollar loans effectively (with low charge-offs) and have the capacity to expand their small dollar lending, were market and regulatory conditions to allow for it, according to an ABA survey of senior bank officers.