Links in “Payday Lending/Money Services Businesses”
- DOJ Probes Indirect Relationships with Payday Lenders
NAFCU looks at Department of Justice's "Operation Choke Point," an investigation to determine whether banks allowed third-party processors working with payday lenders to illegally access billions of dollars from consumer checking accounts. [1/29]
- Hidden Cost of Excessive Regulation: Driving Consumers to Alternative Financial Services
As legitimate banks and credit unions shoulder more and more regulatory burden, more than 20% of U.S. households are using alternative financial services, such as payday loans. Alternate providers have grown 64% in the last four years. [1/29]
- Agencies’ Efforts to Chase Banks from Payday Advance Products Proving Successful
Regulators' warnings and increased scrutiny of products that have payday-loan-like features is pushing lenders such as U.S. Bank and Wells Fargo to kill such products. [1/23]
- NCUA Exam Priorities for 2014
NCUA Chair Debbie Matz identifies cyber security threats, interest rate risk, private student loans, and money services business as top examination concerns for 2014. [1/13]
- Interest Rate Risk Among Top Areas of NCUA Focus for 2014
Other areas the agency announces it will focus on in 2014 include cybersecurity threats, money services businesses, and private student lending. [1/13]
- Secret “Operation Choke Point” Seeks to Choke Payday Lenders
Report that political operatives at DoJ, FDIC and CFPB set out to choke access of payday lender to the nation's financial system. [1/13]
- Signs of a Looming Crackdown on Payday Lenders
Industry observers note the signs of the FDIC, OCC and CFPB moving toward enforcement actions and new rules. [12/3]
- Pay That! CFPB’s 1st Fine Against Payday Lender
CFPB takes enforcement action against Cash America International, Inc., a payday lender for robo-signing court documents in debt collection lawsuits. Total impact $19 million including $14 million in refunds to consumers $5 million to CFPB for destroying records. [11/21]
- Dear Payday Lenders: Watch Out!
CFPB's powerful complaint receiving and tracking system is now active for borrowers encountering problems with their payday loans and payday lenders. The impact could be most challenging given the nature of product. [11/7]
- Lender Challenges Pew on Its Report on Adverse Impact of Lump-sum Payday Loans
Payday lender criticizes the reporting firm's methodology, alleging it failed to adequately compare it to the impact of payday lending regulation in other states and did not closely examine outcomes for borrowers; Pew stands by its report. [11/4]
