Links in “Payday Lending/Money Services Businesses”
- Fail: Payday Lending Reform Seeking to Cap Rates in Louisiana at 36%
House Commerce Committee in Louisiana votes 10-8 against a proposal that would cap interest rates at 36% on payday loans. "It's illogical to apply APR to these loans," opponent claims. [4/8]
- NCUA Announces Small Dollar Loan Webinar
The free webinar will be held on Wednesday, April 11th at 2:00 EST and will focus on alternative payday lending. Representatives from the NCUA and two credit unions will discuss the benefits, as well as the costs, of offering these short-term loans. [4/2]
- Greg Brady and Payday Lending
With Financial Literacy Month upon us, AffirmX's Ken Agle takes a look at how a lesson Greg Brady learned about caveat emptor would seem to be a useful addition in the world of payday lending. [4/2]
- CFPB Presents Case for More Regulation and Authority Against Payday Lending
In field hearings, the CFPB rolls out a series of findings from a yearlong study of payday borrowers suggesting that more regulations and enforcement authority are needed. [3/31]
- Seeking to Rein In Operation Choke Point-like Throttling
Bipartisan group of legislators write letter to FDIC and OCC expressing concerns that efforts to crackdown on illegal payday lenders are having undue consequences on legitimate customers that have successfully banked for decades. [3/31]
- CFPB Sends Warning Shot to Payday Lenders
CFPB's Cordray's remarks on released report focuses on negative impact of payday lending citing both report findings and actual examples and notes various actions taken by Bureau against large payday concluding that Bureau is "in the late stages of our considerations about how we can formulate new rules to bring needed reforms to this market." [3/25]
- The Burdensome Revolving Door of Payday Loans
CFPB's scathing report on payday lending released that finds that 80% of payday loans default and/or are rolled over or renewed. 60% of all payday loans borrowers have fees and expenses that exceed the amount borrowed. This means that 20% of payday borrowers, many of whom are elderly or on disability, and are essentially trapped in the payday debt cycle. [3/25]
- NCUA Promotes BSA Knowledge
March 19, 2014 webinar from NCUA on BSA-MSB Issues provided to aid credit union managers and compliance staff understand both risks associated with such entities and the failure to properly monitor related activities. Features AffirmX's own Jane Pannier. [2/28]
- Report: CFPB Targeting Small-dollar Lending Products in 2014
Payday, title loans and other small-dollar lending products are on the CFPB's plate for 2014. [2/27]
- FinCEN Shuts Down MSB Operations
FinCEN files CMPs against Michigan MSB for serious and willful BSA violations involving failure to implement anti-money laundering efforts involving wires to Yemen. [2/10]
