Payday lending

Assemblywoman Monique Limon is in the “early stages” of exploring how to create a state-level Consumer Financial Protection Bureau as part of a broader push for more consumer protection for state residents.

The bureau had already proposed removing the underwriting portion of the rule, but a judge in Texas has indefinitely delayed the other key component as well.

With the National Credit Union Administration board at full strength for the first time in years, here are three areas where the panel can make a big difference for CUs early on.

The bureau's director, Kathy Kraninger, faced a barrage of criticism from Senate Democrats on the agency's lack of enforcement actions, a reversal on Military Lending Act examinations and changes to the payday loans rule.

Recent history shows how dangerous these short-term products can be without appropriate guidelines in place.

In the face of tough questioning from House members, CFPB Director Kathy Kraninger appeared mostly unfazed and tried to strike a balance between heeding concerns about the agency’s power and supporting its mission to help consumers.

The legislation comes a day before CFPB Director Kathy Kraninger is set to testify to Congress.

The industry cheered the bureau’s proposed repeal of its ability-to-repay requirement, but another part of the rule — on account debit restrictions — was left intact, and some companies aren’t ready to comply.

Senate Democrats are pushing the CFPB to resume examinations under the Military Lending Act, according to a letter sent to the agency's director on Tuesday.

The industry cheered the bureau’s proposed repeal of its ability-to-repay requirement, but another part of the rule — on account debit restrictions — was left intact, and some companies aren’t ready to comply.