Links in “Payday Lending/Money Services Businesses”
- Money Services Businesses Bill Passes
The Money Remittances Improvement Act passes in the House and is on its way to the Senate. The bill would make it easier for well-regulated non-banks, such as money services businesses, to provide remittances overseas. [5/8]
- The Big Squeeze: Operation Choke Point Not Nefarious, But Not Without Consequences
Economics professor at Samford University takes a broader look at what happens when you try to clamp down on one part of the balloon (pushing banks out of payday lending) and the air goes to the other part of the balloon (the rise of payday lenders). Â [5/7]
- Why Payday Lending May Be a Better Fit for Some Charters Than Others
While the other regulatory agencies are trying to choke off their financial institutions from making payday loans, the NCUA is encouraging credit unions to get involved in small-dollar lending. Whether it's a good business practice is still up for debate. [5/7]
- CFPB to Tribal Lenders: You Are Still Companies Subject to Civil Investigation Demands
CFPB seeks to persuade California court to enforce its civil investigative demands to three tribally affiliated payday lenders. [4/30]
- BSA Violations Cost MSB $10K in Fines
Failing to register as a money services business was just one of the Bank Secrecy Act violations that led to a $10,000 civil money penalty for a Florida company. [4/28]
- Texas City Targeting Payday Lenders
Midland, Texas' proposed ordinance would limit loans to 20% of consumer's monthly income, no more than four installments, and prohibit renewals or refinancings. [4/25]
- Operation Choke Point: “Direct Assault” on Free-market Economy
Former FDIC chair calls Operation Choke Point, a DOJ initiative targeting payday lenders, "both alarming and repugnant." [4/24]
- Risk Watch 9: The Art of Dealing with Money Services Businesses
Money services businesses offer a very valuable service to their customers. Unfortunately, these businesses are also a favorite for money launderers. In this episode of Risk Watch, expert Jane Pannier will provide compliance guidelines for financial institutions that offer or maintain accounts for MSBs.
- Next Round: CFPB v. Tribal Payday Lenders
CFPB issued a civil investigative demand in June 2012 to three tribally related payday lenders. The lenders requested the CFPB set aside the CIDs. The CFPB denied the petition, but granted the lenders an extension to October 2013, a date which has come and gone without further response. Now the CFPB has filed a petition in U.S. District Cout seeking to enforce the order. [4/15]
- Here’s What’s on CFPB’s Radar for the Rest of 2014
Payday lending, prepaid cards, privacy notices are priorities for the CFPB in the coming months, according to its general counsel. [4/14]
