Payday lending has always had a place in financial services as they do offer credit to those who are shut...
Recent research suggests that payday lenders are marketing directly to consumers who are seeking financial help due to the pandemic;...
When the CFPB was first formed the mission was to better protect consumers from financial products that did not suit...
While writing in his weekly Forbes Column Ron Shevlin of Cornerstone Advisors says on-demand pay or earned wage access services...
Payday lenders have mobilized their customers in a bid to help them put pressure on the CFPB to rollback some...
The new rule forces lenders to to assess whether borrowers can repay the loans and limits rollovers, where customers take out new loans to repay old ones; the new rule is likely to face legal challenges and is primarily focused on loans under 45 days. Source
Almost 800,000 U.S. government workers are out of work due to the shutdown and high cost, short term lenders are...
Acting CFPB Head Mick Mulvaney said he thought the payday lending rule was too far along for the agency to change but that he supports a congressional rollback; the Congressional Review Act gives Congress 60 days to nullify a regulation; Mr. Mulvaney is currently involved in a dispute over whether or not he can run the agency on an interim basis and he said he anticipates staying for 5 to 7 months. Source.
The new CFPB director Mick Mulvaney is planning to rollback a key regulation that will allow payday lenders to charge very high interest rates; the current rule was set to be enacted soon and allow for lenders to become compliant by the middle of 2019; the rule limited the amount of money or the amount of times a person could borrow from these short term lenders; with the removal of the rule payday lenders can go back to operating like they did prior to the CFPB; many fear that lower income Americans will become mired in debt. Source.
On October 5, 2017 the Consumer Financial Protection Bureau announced a new rule aimed to protect consumers against payday loan...