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.
PHH Corp. agreed to a $45 million settlement to resolve allegations from 49 states and the District of Columbia that it engaged in "foreclosure process abuses" involving "inconsistent signatures" in its servicing business from 2009 to 2012. The settlement comes as the nonbank mortgage company continues its legal challenge to a separate regulatory action by the CFPB.
A bill that would ensure fintechs can continue to partner with banks to make loans at interest rates that exceed state caps drew some bipartisan support on Wednesday, despite opposition by consumer groups.
The House passed an appropriations bill that on the surface advanced key regulatory relief provisions sought by banks, but it could also open the door to higher examination fees, particularly for state-chartered banks.