Payday lending

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.

Legislation allowing regular bill payments to count toward credit history would solve more problems than some critics fear it would create.

Several states pledged to compensate for a slowdown in enforcement at the Consumer Financial Protection Bureau under Mick Mulvaney, but their efforts have been complicated by tight budgets and doubts over whether such initiatives are necessary.

After the National Credit Union Administration asked for comments on proposed revisions and expansions to its Payday Alternative Loan program, credit unions offered their suggestions for how to fix it.

The agency's settlement with Robert Moseley Sr. and Robert Moseley Jr. was enforced by the U.S. District Court for the Western District of Missouri.

The bureau is expected to choose an option that could trigger court challenges after a judge yet again refused to halt the rule’s compliance date.

Forty credit unions participated in the study, which led to nearly $85 million in loans over the course of 18 months.

While a significant amount of press has been made about providing faster access to payments for Uber and Lyft drivers, as well as workers in the gig economy, there is an underserved community of millions of Americans who work in low-wage jobs living paycheck to paycheck.

The state follows Colorado’s lead in adopting reforms pushed by the Pew Charitable Trusts.

The Trump administration is making more than 80 recommendations to encourage financial innovation within a regulated space, including endorsing the creation of a federal fintech charter.

Kathy Kraninger, a senior official at the Office of Management and Budget, largely avoided answering direct questions at her nomination hearing.

The creation of the Consumer Financial Protection Bureau was widely expected to centralize regulation of payday and other high-cost loans in Washington. It hasn’t worked out that way.