Consumer lending

The debate over the CFPB's plan to revamp its payday lending regulation should focus on the benefits for borrowers.

The proposal's aim is to ensure borrowers are treated fairly and would require companies, including CUSOs, to submit licensing applications.

Readers react to jilted GSE legacy shareholders and a proposal making it harder to cite disparate impact, criticize Democrats asking the CFPB to stop its payday rule revamp and more.

A subsidiary of Citizens Financial Group placed first in a recent J.D. Power ranking of car dealer satisfaction with noncaptive auto lenders. However, that group — primarily banks and credit unions — lagged other types of auto lenders.

Asset Recovery Associates told borrowers that it could sue them, garnish their wages and place liens against their homes, according to a consent order by the consumer bureau.

Institutions in the Badger State reported that lending was up by almost 6% and delinquencies remained at historic lows.

An economic downturn is likely to force industry consolidation; the legit firms only offer borrowers things they can get for free, while others are scams.

House Financial Services Committee Chairwoman Maxine Waters and over a hundred other lawmakers want the agency to go forward with a mandatory underwriting requirement for payday loans.

The FDIC and the OCC relax the rule restricting proprietary trading; home buyers with bad credit, lots of debt, or employment issues are again getting loans.

The most recent Credit Union Trends Report from CUNA Mutual Group is “indicative that both the credit cycle and the U.S. business cycle are moving into their last stage before the next economic slowdown,” according to one economist.