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 with lower credit scores, recent credit delinquencies, or living in rural areas.… Continue Reading
auto title loans
House appropriations bill amendment would delay enforcement of CFPB payday loan rule
By Barbara S. Mishkin on
The House Appropriations Committee has approved by a vote of 30-17 the FY17 Financial Services and General Government Appropriations bill. The Committee also adopted a bipartisan amendment to the bill that would block the CFPB from finalizing or enforcing a rule regulating payday lending until the CFPB submits a detailed report on the consumer impact to Congress and identifies existing credit products available to replace the current sources of short-term, small dollar credit. … Continue Reading
Academics challenge data used in CFPB auto title loan report
By Barbara S. Mishkin on
Tomorrow, in conjunction with a field hearing on small dollar loans, the CFPB is expected to issue its proposed rule addressing single-payment payday and auto title loans, deposit advance products, and certain “high cost” installment and open-end loans. On May 18, 2016, as its final step before issuing the proposal, the CFPB released a report summarizing data on single-payment auto title loans. … Continue Reading