On March 26, the CFPB held a public hearing on payday and auto title lending, the same day that it released proposed regulations for short-term small-dollar loans. Virginia Attorney General, Mark Herring gave opening remarks, during which he asserted that Virginia is perceived as the “predatory lending capital of the East Coast,” suggesting that payday and auto title lenders were a large part of the problem.… Continue Reading
auto title
CFPB shows its hand on payday (and title and longer-term high-rate) lending
By Ballard CFS Group on
The CFPB has moved a step closer to issuing payday loan rules by releasing a press release, factsheet and outline of the proposals it is considering in preparation for convening a small business review panel required by the Small Business Regulatory Enforcement Fairness Act and Dodd-Frank. The CFPB’s proposals are sweeping in terms of the products they cover and the limitations they impose. … Continue Reading
CFPB now taking complaints on prepaid cards, debt settlement services and more
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
Although we thought an announcement that the CFPB had begun taking complaints about new products would be made at its field hearing on consumer complaints last week, that announcement was made today. The CFPB announced that it is now taking complaints from consumers about prepaid cards, such as gift cards, benefit cards, and general purpose reloadable cards. … Continue Reading