Payday lending

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.

The passage of Proposition 111, which also prohibits lenders from adding origination and monthly maintenance fees, makes Colorado the fifth state to impose caps on payday loans through a voter referendum.

Banks, with their lower cost of capital, can take over the loan, either on its own platform or continue using the fintech platform for monitoring and servicing, writes Krista Morgan, CEO of P2Bi.

Bank discloses the possible repercussions from its alleged involvement in Malaysian fraud; are banks too blase about “systemic riskiness”?

The report by the Consumer Federation of America said the regulatory agency has "ample legal authority" to enforce the Military Lending Act despite the bureau's plans not to examine firms for compliance.

Payday lenders scored a victory when the bureau committed to proposing changes next year, but they expressed disappointment that the revamp will not address a key payment-processing provision.

In a letter Monday to Federal Reserve Board Chairman Jerome Powell, the four House Democrats argued that the nation’s aging payments system is contributing to economic inequality.

Midterm elections are just eight days away and credit unions are making efforts to help get out the vote. Meanwhile, one Virginia-based CU is back in court over alleged ADA violations.

Christian Sewing calls out the German bank's senior managers for using rumors of a merger with Commerzbank to excuse poor performance; banks in China begin using smartphones to pick up on lie-detecting facial tics.

The Human Account, a survey of 11,500 people, is intended to inspire banks and governments to come up with better ways to help low-income people.

The agency wants to change underwriting requirements in the regulation that lenders say will put them out of business, and give companies a break on the compliance deadline.

The money manager plans a big expansion in Atlanta; agency makes now rare determination that debt-collection practices were “abusive.”

Consumer Financial Protection Agency Acting Director Mick Mulvaney is winding down some of the efforts his predecessor worked hardest on: enforcement of payday and fair lending rules and the Military Lending Act. Reporter Kate Berry shares the latest. 

Cash Express LLC allegedly sent customers threats of legal action even though the time for taking legal action had expired.

The agency’s biennial survey showed gradual improvement in access to mainstream banks, but over 14 million adults lack ties to a federally insured institution.

The bureau says it lacks explicit authority to conduct routine supervision of lenders’ compliance with service member protections, but the decision has sparked pushback from the Defense Department and groups representing military personnel.

Banks are being encouraged to offer smaller loans as an alternative to payday products, but their high interest rates can still put consumers in debt.

The senior Democratic lawmaker said the CFPB chief and the Trump administration "are doing everything in their power to roll back consumer protections."

U.S. Bank’s announcement that it will begin offering small installment loans could open the door for other financial institutions to offer them as an alternative to pricey payday loans.

The nation's fifth-largest bank on Monday rolled out a three-month consumer loan that is far less expensive than the typical payday loan. The move comes as regulators are encouraging banks to reach out to the subprime market, which they largely abandoned.