Payday lending

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The congressional resolution to overturn the payday regulation comes as acting CFPB Director Mick Mulvaney has already said the agency will reconsider the rule internally.

Readers react to the Senate regulatory relief bill, weigh in on the Consumer Financial Protection Bureau’s innovation initiative, chime in on whether banks need to provide more value in a digital age and more.

A bill before Missouri's House of Representatives has several provisions that would put more regulations on payday lenders without harming CUs offering similar, safer products.

Just as promised, Republican lawmakers went to work Wednesday considering regulatory reform ideas that would go further than the Senate's tweaks of the Dodd-Frank Act.

The legislation, signed Monday by Gov. Rick Scott, authorizes 60- to 90-day loans of up to $1,000. It makes Florida the first state to pass a law designed to blunt the impact of the CFPB’s payday lending rule.

The agency's decision to lift a 2002 consent order against Ace Cash Express could lead to a revival of partnerships between national banks and payday lenders.

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Sen. Elizabeth Warren, D-Mass., raised ethics concerns about Mick Mulvaney's dual role leading both the Consumer Financial Protection Bureau and the Office of Management and Budget.

Under Richard Cordray, the consumer bureau had questioned whether affiliations between small-dollar lenders and sovereign tribes are exempt from state laws, but observers say the agency’s acting chief has signaled a more welcoming approach.

Ken Rees at Elevate Credit calls payday lending "the roach motel of financial products" and says his alternative has helped subprime borrowers get back on their feet.

California officials had accused Advance America of wrongly assessing Department of Motor Vehicles fees on its payday loans to skirt the state's interest rate cap.

The eventual pick will likely encounter heavy scrutiny from senators and, if confirmed, would take the helm of an agency still defined by turmoil nearly seven years after its creation.

The League of Southeastern Credit Unions is working with legislators in both states to find ways to protect consumers from predatory lenders.

As it gives its small-dollar lending regulation another look, the agency must consider borrowers who have no other credit options.

The legislature has passed a bill that would allow lenders to make installment loans that, in many cases, would be more costly than payment loans. If Gov. Rick Scott signs it, Florida would become the first state to pass a law designed to blunt the impact of the CFPB’s crackdown on high-cost consumer loans.

As it gives its small-dollar lending regulation another look, the agency must consider borrowers who have no other credit options.

The interim head of the Consumer Financial Protection Bureau said the agency may allow prudential regulators to take the lead on more supervisory matters to cut down on duplication.

“Why we think we know better or how to protect consumers in your state surprises me,” acting CFPB Director Mick Mulvaney told a group of state attorneys general. “I don’t think we’ll being do much of that anymore.”