The industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed their combined opposition to the CFPB’s cross-motion for summary judgment and reply to the CFPB’s opposition to the trade groups’ motion for summary judgment.  The combined motion follows the filing of an

The CFPB has published a notice in the Federal Register indicating that it has hired a contractor to conduct one-on-one consumer interviews “to evaluate and refine potential options for a Bureau-designed payday loan disclosure.”  The Bureau indicated when it issued its final rule rescinding the ability-to-repay provisions in its final payday loan rule that it

The National Association for Latino Community Asset Builders, represented by Public Citizen and the Center for Responsible Lending, filed a lawsuit against the CFPB in D.C. federal district court seeking to overturn the CFPB’s July 2020 final rule (2020 Rule) that rescinded the ability-to-repay provisions in its 2017 final payday/auto title/high-rate installment loan rule (2017

In last week’s election, Nebraska voters passed Initiative 428, a ballot measure that places a 36 percent APR cap on payday loans. The question presented to voters was:

Shall Nebraska statutes be amended to: (1) reduce the amount that delayed deposit services licensees, also known as payday lenders, can charge to a maximum annual percentage

The CFPB has filed its combined cross-motion for summary judgment and opposition to the plaintiffs’ motion for summary judgment in the lawsuit filed by industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule).  The combined motion and opposition follows the filing of an Amended Complaint

The industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed a motion for summary judgment.  The motion follows the filing of an Amended Complaint by the trade groups focused on the Rule’s payments provisions and the filing of an Answer to the

We review the CFPB’s findings that lenders engaged in deceptive practices and violated Regulation Z advertising requirements based on the following conduct and discuss the findings’ compliance implications: false representations about consumers’ ability to apply for loans online and the absence of credit checks; false threats in collection letters about lien placement, asset seizure, and

The CFPB has released the Summer 2020 edition of its Supervisory Highlights.  The report discusses the Bureau’s examinations in the areas of consumer reporting, debt collection, deposits, fair lending, mortgage servicing, and payday lending that were completed between September 2019 and December 2019.

Key findings are described below.

Consumer reporting.  CFPB examiners found:

On August 28, 2020, the industry trade groups challenging the CFPB’s final Rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) filed their Amended Complaint in accordance with the briefing schedule recently entered by the court.  The Amended Complaint focuses on the payment provisions of the Rule but the trade groups have

After we recap the 2017 final rule and its implications for industry, we discuss the CFPB’s actions to eliminate its ability-to-repay provisions but keep its payment provisions, possible use of the Congressional Review Act to restore the entire 2017 rule, status of the Texas litigation challenging the 2017 rule, potential impact of the 2020 presidential