Links in “Payday Lending/Money Services Businesses”
- Get Out Your Calendars: CFPB Announces its Rulemaking Agenda
Look for further prerule activities for arbitration coming in December 2015. Payday and deposit advance loans are slated for proposed rulemaking in February 2016. Prepaid cards final rule is expected in March 2016. More overdraft prerule activities are on tap for January 2016. And that's just for starters. [11/24/15]
- CFPB Releases Regulatory Agenda for First Quarter 2016
At the top of the CFPBâs regulatory agenda for the first quarter of 2016 is a proposed rule affecting payday loans, auto title loans and similar products, and a final rule on prepaid access devices. Also on the agenda are a proposed rule on overdraft protection programs and a proposed rule to require financial institutions to report information about loans to women-owned businesses, loans to minority owned businesses, and loans to small businesses. [11/23/15]
- Integrity Advance’s Integrity Takes a Hit
CFPB sues the online payday lender Integrity Advance for not fully disclosing that charges would continue to accrue after a borrower defaulted on a loan and for automatically debiting borrowers' bank accounts even after they stopped authorizing withdrawals. [11/19/15]
- Bad News for Internet Payday Lenders
An internet payday lender in Delaware thought it could avoid the application of borrower's home state law. The Minnesota Supreme Court, however, disagreed. [11/2/15]
- An Easy Fix to the Scourge of Payday Loans
An opinion piece in New York Times suggest that the government could readily solve the heavy burden on consumers of payday loans by fixing a small regulatory problem that keeps banks from getting in the business of small loans. [10/29/15]
- Victory for the FTC and Scammed Payday Loan Applicants
A group of online payday loan applicants who lost millions of dollars to scammers who enrolled them in undisclosed and unwanted programs are receiving restitution. As a result of a federal court ruling, the Federal Trade Commission is mailing more than 64,000 checks to victims. These checks will total $1.5 million. [9/22/15]
- Consumers are the CFPB’s Eyes and Ears, But Only When Convenient
With the CFPB's emphasis on its complaint database serving as its eyes and ears, one would think that payday lenders would be near the top of the complaint list, given the CFPB's proposals to nearly regulate the industry out of existence. But complaints against payday lenders constitute less than 1% of the bureau's complaint database. What's at the top? Complaints about mortgages (36%). [8/24/15]
- World Acceptance Skirts Payday Loan Rules, May Be Outskirted by CFPB
World Acceptance Corporation, which extends small-dollar loans to individuals, then refinances them multiple times, has acknowledged that it is under investigation by the CFPB. Also see this earlier story on the CFPB's two-part investigation. [8/14/15]
- Data from Online Payday Loan Applications Used to Pilfer Accounts
Two Florida companies have been charged by the FTC for illegally selling the data of consumers completing their online payday loan applications to companies who subsequently raided the applicants' bank accounts for at least $7.1 million. [8/13/15]
- NCUA Releases Video to Educate Consumers About Payday Loans, Alternatives
The NCUA wants the 12 million consumers that take out payday loans each year to know that there are lower cost alternatives available to them. Through a new YouTube video entitled, âUnderstanding Payday Loans,â the Agency hopes to educate consumers about how payday loans work and the costs involved, and to provide information about alternative short-term loan options that are available through credit unions. [7/30/15]
