The Consumer Financial Protection Bureau and payday loans have had a wild ride over the last 24 months. After a contentious rulemaking process, an even more contentious first draft and then a somewhat less contentious (but still pretty divisive) final rule drafting, the argument about what access consumers...
Null and void. The Consumer Financial Protection Bureau (CFPB)’s much debated, loved and hated arbitration rule has been officially killed through the rule’s being struck from the Federal Register. Thus, it’s current status: Nullification. As reported in several places, including CU Insight, the nullification ruling comes...
The new rules are coming for payday lenders, and opponents of those rules are readying themselves for what will likely be a fairly dizzying battle on the subject. Payday and short-term lending is an approximately $6 billion-a-year industry, one that both critics and supporters of...
Prepaid cards have had a full year on the regulatory front, and the year isn’t over yet. Last week, the Credit Union National Association (CUNA) wrote the Consumer Finance Protection Bureau (CFPB) — the regulatory agency that authored the new prepaid card rules — asking for both a...
July 17, 2017
The CFPB opens the door to class action suits, and possibly trial lawyer riches, while across the pond, some warnings on regulatory compliance rumble, and Barclays begins ring-fencing efforts.
April 19, 2018
Senators voted on Wednesday (April 18) to remove a 2013 piece of consumer protection legislation that was designed to stop discrimination in the auto lending market. By a vote of 51 to 47, Senators have officially unmade the CFPB guidance of a latter year, on the argument that its strictures were an unreasonable burden on auto […]
November 23, 2017
Null and void. The Consumer Financial Protection Bureau (CFPB)’s much debated, loved and hated arbitration rule has been officially killed through the rule’s being struck from the Federal Register. Thus,...
September 19, 2017
The new rules are coming for payday lenders, and opponents of those rules are readying themselves for what will likely be a fairly dizzying battle on the subject. Payday and...
