Links in “Payday Lending/Money Services Businesses”
- A Tale of Two Payday Lending Approaches
Not surprisingly, House Republicans and New York's top regulator have very different ideas on how the CFPB should revise its payday lending rules. [2/9/15]
- MSBs: A Catch-22
FinCEN published the opening remarks from the MSB Roundtable on January 13th. The remarks focus on the risks of MSBs and what is expected of financial institutions with MSBs. [2/2/15]
- Bankers Cutting Off Payday Lenders from Account Information
Early Warning Services, a database of bank customers that is sometimes used in place of credit reports when making credit decisions, is cutting off access to payday lenders. Early Warning is owned by five major banks. [1/22/15]
- Payday Lenders Pony Up Big in FTC Settlement
Two online payday lenders have agreed to pay a record $21 million to settle charges that they engaged in deceptive practices. The FTC said the companies claimed a $300 loan would cost $390 to repay, but actually charged $975 for repayment. [1/19/15]
- Online Payday Lending Companies Pay Big
The two payday lending companies which were first taken to court in April of 2012 have been sentenced to pay $21 million. âIt should be self-evident that payday lenders may not describe their loans as having a certain cost and then turn around and charge consumers substantially more.â [1/19/15]
- What’s on the CFPB’s Dance Card in 2015?
Payday loans, debt collection, overdraft protection and more. Here's a breakdown of the CFPB's action-packed agenda for 2015. [1/6/15]
- NCUA Issues Supervisory Letter on MSBs
NCUA has provided federally-insured credit unions with a copy of the guidance it recently sent to its examiners and field staff. The guidance addresses the due diligence measures that are expected from credit unions that have accounts owned by money services businesses. [12/29/14]
- NCUA Urges DOD to Exclude CU Payday Alternative Loans from Proposed Military Lending Rule
NCUA Chair Debbie Matz has sent a letter to the DOD urging them to continue to permit federal credit unions to make payday alternative loans (PALs) to military personnel and their family members, if the loans are made in accordance with NCUAâs current PAL regulation. [12/19/14]
- Cordray Warns Financial Institutions to Keep Consumers in Mind with Real-Time Payment Systems
Richard Cordray has several concerns about how consumers are affected by electronic payment networks. Cordray stated that financial institutions need to be aggressively proactive in policing electronic payments to safeguard against abuses, such as automatic withdrawals made for payday lenders and for gym memberships. Cordray also identified a need for more transparency that will allow consumers to understand when deposited funds are available and when funds will be automatically withdrawn. [11/25/14]
- CFPBâs Rulemaking Agenda Rules
The fall 2014 rulemaking agenda has been released. It covers key areas of focus such as mortgages, prepaid cards, payday loans, debt collection, and overdraft services. [11/24/14]
