The CFPB and the two industry trade groups that filed a lawsuit in a Texas federal district court challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) filed a status report with the court on March 1. The court directed the parties to file the status report by March 1 when, in November
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CFPB issues statement regarding plans to reconsider payday loan rule
By Jeremy T. Rosenblum on
Earlier today, the Bureau of Consumer Financial Protection released a Public Statement Regarding Payday Rule Reconsideration and Delay of Compliance Date. Echoing rumors that have been circulating in the industry for several weeks (which we had agreed not to address in our blog), the Statement reads in full as follows:
The Bureau expects to…
CFSA FOIA request to CFPB yields positive comments from payday loan customers
By Barbara S. Mishkin on
Posted in Payday Lending, Regulatory and Enforcement
The Consumer Financial Services Association of America (CFSA) issued a statement in which it reported that documents it received from the CFPB in response to a Freedom of Information (FOIA) request filed on December 31, 2015 “reveal for the first time more than 12,000 positive testimonials that payday loan customers submitted to the [CFPB] as…