A Florida federal district court has dismissed a lawsuit filed by a borrower alleging FCRA violations by Clarity Services, Inc. (Clarity), the consumer reporting agency that provided the borrower’s consumer report to her lender.  In dismissing the plaintiff’s FCRA claims, the district court rejected the plaintiff’s argument that the FCRA requires a consumer reporting agency,

The National Association for Latino Community Asset Builders (NALCAB) has filed its combined opposition to the motions of the CFPB and the Consumer Financial Services Association (CFSA) to dismiss NALCAB’s lawsuit challenging the CFPB’s rescission of the “ability-to-repay” (ATR) or “mandatory underwriting provisions” in its 2017 final payday/auto title/high-rate installment loan rule (2017 Rule).  The

As part of its Making Ends Meet survey, the CFPB issued a report last week on how consumers use payday, auto title, and pawn loans (“alternative financial services” or “AFS”) and the other sources of credit available to them. Consumers surveyed include only those with a traditional credit record and the sampling focused on consumers

The CFPB has filed a motion to dismiss the federal district court lawsuit brought by the National Association for Latino Community Asset Builders (NALCAB).  That lawsuit seeks to overturn the CFPB’s July 2020 final rule (2020 Rule) rescinding the “ability-to-repay” (ATR) or “mandatory underwriting provisions” in its 2017 final payday/auto title/high-rate installment loan rule (2017

On March 23, Illinois Governor Pritzker signed into law SB 1792, which contains the Predatory Loan Prevention Act (the “Act”).  The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Secretary of Financial and Professional Regulation to adopt rules “consistent with [the] Act.”

The Act extends the 36%

The CFPB has filed its reply in support of its cross-motion for summary judgment in the lawsuit filed by two industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the 2017 Rule).  The briefing on the parties’ cross-motions for summary judgment has now closed.  The court has

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