Fifth Circuit Extends Stay of Compliance Date of 2017 Payday Rule
A federal appellate court last week extended the compliance date of the CFPB’s 2017 payday…
Browsing: Small-dollar credit
Court Denies Payday Lenders’ Challenge to CFPB Small-Dollar Rule, Sets Compliance Date
A federal district court on Tuesday denied payday lenders’ challenge to the CFPB’s 2017 small-dollar lending rule.
Financial Trades: 36% Fee and Rate Cap Could Constrain Credit
A coalition of financial trade groups including ABA today urged Senate Banking Committee members to reject any legislative proposal that would impose a national fee and interest rate cap of 36%, noting that such a cap would create barriers to credit access for consumers.
CFPB Task Force Releases Report on Improving Consumer Protection in Financial Marketplace
The Consumer Financial Protection Bureau’s Task Force on Federal Consumer Financial law today issued an…
Podcast: Believing in What Banking Can Do
After a long career as a commercial banker in St. Louis, more than a decade ago Alex Fennoy joined Midwest BankCentre. He helped transform the community bank into one that has won awards—including a 2019 ABA Foundation Community Commitment Award—for its responsiveness to local needs.
Profiles in Inclusion
The ABA Foundation’s 2020 George Bailey Distinguished Service Award co-winners put the spotlight on the industry’s financial inclusion efforts.
CFPB Removes Underwriting Provisions from 2017 Small-Dollar Lending Rule
The Consumer Financial Protection Bureau today issued a long-awaited final rule removing the prescriptive underwriting provisions from its 2017 small-dollar lending rule.
CFPB Issues No-Action Letter Templates to Encourage Innovative Offerings During Pandemic
To help financial service providers assist struggling borrowers during the coronavirus pandemic, the Consumer Financial Protection Bureau toady issued two no-action letter templates that are intended to help institutions make their own NAL applications for certain consumer financial products and services, as allowed under the CFPB’s innovation policy.
Financial Regulators Issue Joint Principles for Responsible Small-Dollar Loan Programs
To encourage banks and other depository institutions to engage in responsible small-dollar lending, federal financial regulators today issued long-awaited joint guidance for offering these types of loans to consumers and small businesses.
Agencies Encourage Banks to Engage in Responsible Small-Dollar Lending
The federal financial regulators today issued a joint statement urging financial institutions to offer “responsible small-dollar loans to both consumers and small businesses.”