Payday lending

The Consumer Financial Protection Bureau has fined a California-based lead aggregator and its owner hundreds of thousands of dollars for allegedly directing consumers toward illegal loans that would be void in their states.

Consumer Financial Protection Bureau Director Richard Cordray said his possible political ambitions did not affect the small-dollar rule, while declining to spell out if he was running for office.

Following short-term disruptions from Harvey, Texas bankers expect a long-term lift to the local economy; Buffett’s company officially becomes the bank’s largest shareholder.

The Consumer Financial Protection Bureau’s likely decision to pare back its final rule on small-dollar lending may help guard it against a congressional rollback and pave the way for bankers to return to the space.

House Financial Services Committee Chairman Jeb Hensarling, R-Texas, wrote a letter to CFPB Director Richard Cordray calling on him to clarify whether he is running for political office.

It is reasonable to rethink the role of state usury laws in national credit markets, but there should not be any erosion of consumer protections.

Republicans are already accusing CFPB Director Richard Cordray of misusing his job as a fundraising platform while many agency allies want him to stay.

The Trump administration says it has put a stop to Operation Choke Point, a controversial initiative aimed at discouraging financial institutions from servicing high-risk businesses.

Payday lenders and arbitration supporters are claiming the CFPB has met more often with consumer groups than industry, laying the groundwork for likely lawsuits on key rules.

With the environment in Washington favoring deregulation, banks are pushing regulators to let them back into the payday lending game. They should know better.

Financial regulation is too complex and needs to be retooled to improve access to credit, President Trump’s nominees to two top banking regulators told Capitol Hill on Thursday.

The Consumer Financial Protection Bureau is likely to finalize its small-dollar rule by September ahead of Director Richard Cordray's widely expected departure.

Data showing that California residents 62 and older took out more payday loans than any other age group in the state points to an erosion of retirement security for seniors.

Despite assurances that the Department of Justice crackdown on banks' third-party relationships is ceasing, lawmakers say it is still having an impact.

A judge has approved the inclusion of new payday lenders in a case seeking relief from the effects of Operation Choke Point, and denied defendants' motion for summary judgment against Advance America.

Michael Blume oversaw the controversial effort to crack down on consumer fraud by pressuring banks to cut off certain merchants’ access to the U.S. payment system.

The nonprofit Bank On certifies banks that offer deposit accounts with minimal fees. It is one of many initiatives designed to bring more consumers into mainstream banking.

Banks have not adjusted their business models to accommodate growing numbers of financially precarious Americans. But hard times should not disqualify people from the banking system.

Readers weigh in on a proposal for encouraging small bank installment loans, a firm that uses AI to reduce false alarms, what security improvements are needed for sharing customer data, and more.

In a rare move, the credit union regulator is asking the CFPB for exemptions for credit unions from expanded HMDA requirements and unfair and deceptive acts authority.