Payday lending

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.”

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.