Links in “Payday Lending/Money Services Businesses”
- Report Urges Lawmakers to Push Payday Lenders Away from Lump-Sum Terms
Report from Pew urges federal lawmakers to follow Colorado's lead in requiring payday lenders to have minimum six-month terms with installments. Law has been effective in breaking cycle of debt for many borrowers. [11/1]
- Squeeze on “Politically Incorrect” Businesses Continues
Push by FDIC appears to be related to Chase's internal review of companies that pose a greater risk of fraud or money laundering and are viewed as risky, including payday lenders, pawnshops, check cashing businesses, and certain automobile dealers. [10/10]
- Is CFPB’s Assault on Payday Lenders a Sign of What Is Coming Banks’ Way?
The attacks on payday lenders may be the canary in a coal mine for financial institutions. [10/1]
- CFPB’s 4 Ds: Nifty Catchphrase, But No New Surprises
UDAAPs, debt collection practices, fair lending, and payday loans have been on the CFPBâs radar for some time. [9/30]
- Was CFPB’s Guidance on Servicemembers and Payday Lending Really Necessary?
Phantom menace? The purpose of the recent guidance to assist examiners in their review of payday loans to military servicemembers, when the Military Lending Act has effectively made it impossible for payday lenders to make such loans, is perplexing. [9/23]
- CFPB Strengthens Enforcement of Military Lending Act
The agency seeks to use its authority granted by Congress to protect servicemembers from illegal payday loans through the Military Lending Act. [9/18]
- CFPB Takes Aim at Payday Lenders
Protections sought for military families through Military Lending Act that will see payday lenders having to conform to limits on interest rates (36%), rollovers, rights protection and limits on allotment system for repayment. [9/18]
- Are Smart Phones the Key to Reaching the Underserved?
There are approximately 68 million underserved consumers in this country, many of which are using high cost financial services, such as payday lending. However, the increasing use of smart phones could represent a way to deliver financial services to these individuals at a much lower cost. [9/11]
- NCUA Issues Cease and Desist Order For BSA & OFAC Violations
NCUA has issued a C&D against North Dade Community Development FCU for violations of the BSA/AML and OFAC. Among the issues cited were the lack of a BSA Compliance Officer, the lack of a current BSA and OFAC risk assessment, and the lack of an internal BSA monitoring program. In addition, the CU was cited for opening accounts for money service business outside of its field of membership and for inadequately monitoring the activities of other money services businesses within its field of membership. [9/10]
- Is the Regulatory Lean on Banks Servicing Payday Lenders a Sign of Things to Come
Is the recent pressure exerted by regulators for practices it doesn't consider fair, but can't prove illegal or unsafe, a harbinger of things to come? [8/30]
