Payday lending

The director of the Consumer Financial Protection Bureau has asked Congress to clarify its ability to conduct exams that ensure compliance with the Military Lending Act.

The agency is expected soon to propose a revamp of the 2017 regulation that would eliminate the ability-to-repay provisions, which small-dollar lenders saw as a direct threat to their business.

The bank will pay over $15 million in restitution and fines to settle claims that it neglected stop-payment requests and reopened deposit accounts without customers' consent.

A bipartisan bill stirring in the Senate would prohibit lenders from mailing unsolicited checks that can immediately be converted into high-interest loans. Consumer groups call the loans predatory, but lenders say they are a lifeline for cash-strapped households.

The biggest question is whether new CFPB Director Kathy Kraninger will deviate from the pro-industry policies of her predecessor, or bring continuity.

Maria Vullo is stepping down as head of New York's banking and insurance regulator after three years in which she created a national model for cybersecurity regulations at banks and fought back against federal attempts to chip away at payday-lending rules.

More acquainted with the quick decision-making style of the banking world, the comptroller of the currency found a policymaking environment in D.C. that moves at a slower pace.

The newly sworn-in director’s first public remarks seemed to contrast with the approach of her predecessor, Mick Mulvaney, who at times questioned the role of the agency.

The newly sworn-in director’s first public remarks seemed to contrast with the approach of her predecessor, Mick Mulvaney, who at times questioned the role of the agency.

The legislation would ban legal clauses that force small-business borrowers to give up their right to court proceedings before obtaining a loan.

Democrats on the House Financial Services Committee are expected to shine a spotlight on Trump-appointed regulators, but that light might shine brightest on one agency in particular.

Newly unsealed court documents make clear that regulators forced banks to terminate relationships with payday lenders and other lawful businesses, setting a dangerous precedent.

Newly unsealed court documents make clear that regulators forced banks to terminate relationships with payday lenders and other lawful businesses, setting a dangerous precedent.

Kathy Kraninger, who may get a confirmation vote as early as this week, has suggested a similar vision to that of the agency’s current acting chief. But some see signs she could bring a different approach to the job.

Moelis submits a revised Fannie/Freddie blueprint; FASB considering a plan to have banks break out charge-offs and recoveries on year-by-year basis; Wells Fargo layoffs begin with 1,000 jobs in mortgage and tech; and more from this week's most-read stories.

Payday lenders argue that banks cut ties with their industry due to pressure from biased and hostile regulators. But the reality, in some cases, may be more nuanced.

The FDIC is seeking comment on how to encourage small-dollar lending at banks, signaling a course change from guidance it issued five years ago restricting such loans.

Top executives at Advance America acknowledged that anti-money-laundering concerns at banks were likely the cause of account terminations, even as they publicly blamed a stealth regulatory campaign.

Payday lenders argue that banks cut ties with their industry due to pressure from biased and hostile regulators. But the reality, in some cases, may be more nuanced.

Reversing a previous order, the Texas judge granted part of the bureau's request to stay the effective date and allow time for the agency to work on changes to the rule.