CFPB, Federal Agencies, State Agencies, and Attorneys General
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…
On the last day of California’s 2019 legislative session, by a vote of 61 to 8, the California State Assembly overwhelmingly passed Assembly Bill 539, the Fair Access to Credit Act. Governor Newsom has until October 13th to sign or veto the bill.
As we’ve previously covered, AB 539 makes significant amendments to…
On Tuesday, the FDIC released a Notice of Proposed Rulemaking (NPR) that outlines anticipated revisions to its regulations regarding interest rate restrictions that apply to less than well capitalized insured depository institutions. The proposed rule modifies the methodology by which the national rate and national rate cap are calculated on deposit products and proposes a…
