Payday lending

In states with strict rules on small-dollar loans, lenders could see an opening in the language of the CFPB rule to actually hike rates, observers say.

WASHINGTON — Eighteen Republican State Attorneys Generals sent a letter to the Consumer Financial Protection Bureau last week pushing back against the agency's proposal to rein in high-cost small-dollar loans.

The agency said Wednesday it has received more than 500,000 comments on the proposal — and many more may be filed in the coming days.

The Consumer Financial Protection Bureau's final rule on prepaid cards will improve fraud protection and provide greater transparency of costs for such products, but is already drawing fire from both consumer advocates and bankers over how it treats overdraft fees.

The Federal Trade Commission took a victory lap Tuesday in its fight with race car driver Scott Tucker and his payday lending operation.

A bipartisan group of House lawmakers sent a letter to the Consumer Financial Protection Bureau on Thursday expressing concern about the agency's proposal to rein in payday lending and other short-term credit, warning it could hamper credit availability.

The Consumer Financial Protection Bureau's proposal not only requires lenders to determine a borrower's ability to repay, but also forces creditors to follow the bureau's approach to making that determination.

WASHINGTON — More than one hundred House Democrats sent a letter to Consumer Financial Protection Bureau Director Richard Cordray on Wednesday calling for the agency to strengthen its proposal to rein in payday lending.

The Consumer Financial Protection Bureau on Monday fined a large auto title lender $9 million for failing to disclose the terms and costs of its title loans in three states, and for illegally exposing consumers' information to their employers.

The Consumer Financial Protection Bureau filed a lawsuit this week against a Van Nuys, Calif., credit repair company for deceptively marketing its services and charging consumers illegal fees.

As the Consumer Financial Protection Bureau proposes new small-dollar lending rules, it has also sought comment on an alternative plan that would open the door to banks providing more lower-income credit solutions.

Marketplace lenders that have partnered with banks face more scrutiny after a federal judge in California handed a legal victory last week to the Consumer Financial Protection Bureau.

New, stricter regulations on loans to active-duty service members take effect on Oct. 3. Here’s a guide for getting ready.

A federal district court handed the Consumer Financial Protection Bureau a major victory this week by ruling that the online loan servicer CashCall engaged in unfair, deceptive and abusive practices by using a "tribal model" to collect on loans in states with usury caps.

Industry fears about the Consumer Financial Protection Bureau's "UDAAP" authority recall steps Congress took in the '70s to rein in the Federal Trade Commission.

Until recently, credit unions rarely used arbitration clauses, and were praised by consumer advocates for pro-customer practices. But credit unions have learned to embrace the use of arbitration clauses – and now oppose the Consumer Protection Bureau’s plan to rein them in.

Payday lenders are pushing into more states with longer-term installment loans or lines of credit, a shift that is expected to accelerate with the Consumer Financial Protection Bureau's plan to regulate small-dollar loans.

A single paragraph in a lawsuit filed by the Consumer Financial Protection Bureau is sparking fears by third-party payment processors that the agency is quietly and significantly expanding its authority over the industry.

The Consumer Financial Protection Bureau added its voice Tuesday to a chorus of other regulators in calling for sustainable foreclosure relief when the Home Affordable Modification Program expires at yearend.

The linchpin of the federal government's payday lending proposal is a credit-reporting system for small-dollar loans created by the private sector, but the kinds of companies that could create it haven't stepped forward.