Payday lending

The current single-director leadership structure of the Consumer Financial Protection Bureau is not a recipe for transparency and accountability. Creating a multimember commission to oversee the agency is the answer.

The state's highest court ruled that lenders affiliated with Native American tribes are not entitled to sovereign immunity and must comply with state interest rate caps. It marks the latest triumph for consumer groups and state governments that have sought to rein in high-cost consumer lenders.

The Consumer Financial Protection Bureau is facing renewed pressure by consumer groups and think tanks to move forward with a plan that would rein in overdraft programs.

The Consumer Financial Protection Bureau's contentious rulemakings on arbitration and payday lending may be in jeopardy with the change in administrations and continued GOP control of Congress.

To jawbone Mexico into paying for the wall, President-elect Trump has threatened to suspend remittances. Such a move would disrupt one of the busiest corridors of money in the world.

Voters in South Dakota on Tuesday overwhelmingly approved a measure to cap interest rates on payday, installment and auto title loans at 36%, while rejecting a competing amendment sponsored by a large payday lender.

Depending on the outcome of the election, the fight over two conflicting state ballot initiatives could provide a road map for the embattled payday lending industry or consumer activists seeking bans in other states.

The Consumer Financial Protection Bureau and the New York Attorney General filed a lawsuit Wednesday against two New York debt collectors for deceiving and harassing millions of consumers to pay inflated debts.

The piling on at Wells Fargo has reached an unprecedented level, even for a bank. Fifteen investigations are underway into Wells' phony account openings. Experts are quantifying the damage to Wells' reputation and what the bank can do going forward to repair it.

Two San Francisco supervisors on Tuesday introduced a resolution that would "end all business with Wells Fargo," in response to the fake account scandal and other practices that have harmed consumers.

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.