On November 15, 2018, in response to a November 7, 2018 letter from Republican Senators, FDIC Chairman Jelena McWilliams announced that the FDIC has engaged outside counsel to investigate the Obama-era Operation Choke Point, under which the FDIC and other government agencies pressured banks not to do business with payday lenders. In her letter,

In the latest chapter of its “comprehensive effort to prevent consumer harm in the debt-settlement industry,” the CFPB has announced the settlement of an enforcement action brought against “a leading debt-settlement payment processor” and its CEO and owner.  In its complaint, the CFPB alleged that the defendants had violated the Telemarketing Sales Rule by

On September 26, the CFPB issued a 10-page order denying a petition filed jointly by three tribal payday lenders that asked the CFPB to set aside the civil investigative demands (CIDs) the lenders received from the CFPB.  The order describes the lenders as “limited liability companies organized and chartered under the laws of federally recognized