Payday lending

Comptroller of the Currency Joseph Otting said reform of Community Reinvestment Act regulations is a "key element" of how regulators aim to recalibrate rules a decade after the financial crisis.

The clock starts ticking this week on a busy agenda of financial services priorities on Capitol Hill, including passing reforms to Dodd-Frank, overhauling the housing finance system and confirming key regulators.

The war of words between acting Consumer Financial Protection Bureau Director Mick Mulvaney and Sen. Elizabeth Warren, D-Mass., the agency's architect, is escalating.

The Pew Charitable Trusts has released a set of 10 standards for banks and credit unions that want to to offer small loans to subprime customers. Among its ideas: keep monthly payments at or below 5% of the borrower’s paycheck and make loans available quickly through digital channels.

The Pew Charitable Trusts has released a set of 10 standards for banks and credit unions that want to offer small loans to subprime customers. Among its ideas: keep monthly payments at or below 5% of the borrower’s paycheck and make loans available quickly through digital channels.

The acting director of the Consumer Financial Protection Bureau on Tuesday had his first taste of the withering congressional criticism endured by his predecessor on trips to Capitol Hill.

Delaying the rule's effective date or refocusing it on disclosure requirements are among the options for the Consumer Financial Protection Bureau's acting director to ease its impact on the industry.

A Georgia Supreme Court case sheds light on the lengths that the often assailed industry has gone to shape policy outcomes. It also raises the question of whether, in evaluating industry-funded research, it is enough to assess the published study itself, or if it is necessary to dig deeper.

Lobbyists for the payday loan industry are getting a warmer reception in state capitals in 2018 than they did last year. One of their key arguments is that the federal crackdown on payday loans, which is now on hold, requires a response from the states.

Top Democrats in the House and Senate sent a letter to Mick Mulvaney on Wednesday questioning his decision to delay the implementation of the Consumer Financial Protection Bureau’s payday loan rule.

Elizabeth Warren takes acting CFPB director Mick Mulvaney to task over his decision on data collecting; B of A gets heat from harrassment reveal and free checking halt; and more.

The Consumer Financial Protection Bureau appears to have concluded no enforcement action is necessary for World Acceptance Corp., which had been accused of trying to profit from repeat borrowers.

The agency had accused the lenders of deceiving consumers and failing to disclose the true cost of the loans, which carried interest rates as high as 950% a year.

The Consumer Financial Protection Bureau faces significant obstacles in reopening the payday lending rule including likely legal challenges and a lengthy compliance process with the Administrative Procedure Act.

Write-down clears the decks for better times ahead; the agency’s acting head is looking to revamp strict rule that went into effect on Tuesday.

The Consumer Financial Protection Bureau said Tuesday it will reopen the payday lending rule, on the same day the controversial rule technically went into effect.

Criticism of payday lenders is deserved and Congress should not throw out the CFPB's short-term lending measure.

Criticism of payday lenders is deserved and Congress should not throw out the CFPB's short-term lending measure.

Regional and community banks will offer low-cost or no-cost financial products through Bank On, which has already reached agreements with Regions Bank, Wells Fargo and SunTrust.

While a robust dialogue about all forms of financial products is critical and regulation to protect consumers is necessary, removing a source of credit for hard-working Americans and eliminating choice should not be the focus of any federal agency.