Payday lending

Consumers now have more control over their own financial decisions and loan options.

Consumers now have more control over their own financial decisions and loan options.

The German bank agreed to pay $150 million to New York State for its dealings with Jeffrey Epstein; the new tool will help lenders determine which borrowers are in the best shape to weather a crisis.

The agency sought to provide certainty that most actions from the past eight years remain in effect despite the ruling that the bureau's leadership structure is unconstitutional.

The agency delivered long-anticipated regulatory relief to the small-dollar loan industry by eliminating ability-to-repay requirements imposed under the bureau’s former director.

Tom Pahl, a former longtime regulator at the Federal Trade Commission, has led key rulemaking efforts for the consumer bureau.

The bank’s Asia-Pacific chief backs law giving greater mainland control over the territory; the Center for Responsible Lending said big banks took in almost $12 billion in overdraft fees last year, with the bulk of it paid by lower-income customers.

An interagency notice meant to encourage lenders to offer small consumer loans also provides federal agencies too much say on what constitutes “reasonable” pricing.

The congressional showdown over the pace of rulemaking during the pandemic is a hardening of older positions on banking policy ahead of the 2020 elections, observers said.

The congressional showdown over the pace of rulemaking during the pandemic is a hardening of older positions on banking policy ahead of the 2020 elections, observers said.

The templates are meant to make it easier to obtain agency approval for small-dollar loan products and to accommodate mortgage servicers that want to provide online loss mitigation options.

A Democratic measure to freeze foreclosures and auto repossessions through the coronavirus crisis while expanding eligibility for loan forbearance is getting strong pushback from banks and credit unions, which complain it would constrain credit.

Payday Loan LLC, which engages in lending and check cashing in 22 stores in California, sued the SBA on April 25 after its request for a $644,000 loan from the Paycheck Protection Program was denied.

Consumer groups are poised to take the bureau to court over its gutting of underwriting requirements, while House Democratic leaders could attempt a repeal through the Congressional Review Act.

A former economist says high-ranking officials engaged in “legally risky” behavior to downplay consumer harm; online payments and contactless transactions jumped in the first quarter, and some think the new habits will stick.

The agency is still moving forward on key regulations dealing with payday lending and mortgage underwriting despite new demands posed by the crisis.

Cobalt Credit Union is currently a state-chartered institution but is looking to once again become a federal one because of Iowa state taxes.

The agency has relaxed some reporting requirements and joined other regulators in encouraging banks to help borrowers, but pressure is building on the bureau to do more to aid consumers suffering financial hardship.

Workers living paycheck to paycheck are borrowing from companies like PayActiv, DailyPay and Branch to survive the economic impact of the pandemic.

Kathy Kraninger was grilled about whether her agency and others were doing enough to cushion consumers from the economic blow of the coronavirus crisis.