A article about payday financing, “Reframing the Debate about Payday Lending,” posted in the ny Fed’s site takes problem with a few “elements associated with the lending that is payday” and argues that more scientific studies are required before “wholesale reforms” are implemented. The authors are Robert DeYoung, Ronald J. Mann, Donald P. Morgan, and Michael R. …
CFPB holds hearing on auto and payday title loans in Richmond, VA
On March 26, the CFPB held a general public hearing on payday and automobile title lending, exactly the same time so it circulated proposed laws for short-term small-dollar loans. Virginia Attorney General, Mark Herring offered starting remarks, during which he asserted that Virginia is regarded as the lending that is“predatory associated with East Coast,” suggesting that payday …
CFSA weighs in on CFPB proposed payday laws
The Community Financial Services Association (“CFSA”) held a press call to address the CFPB’s rulemaking process for developing payday loan regulations on March 26th. CFSA ceo Dennis Shaul offered brief remarks that are opening responding to questions through the press instantly just before a CFPB field hearing on payday advances being web held in Richmond, VA. …
CFPB and FTC file lawsuits against online payday loan providers
Earlier in the day this month, the CFPB and FTC filed legal actions against different sets of interrelated businesses and their specific principals for participating in allegedly illegal online payday financing schemes.
The CFPB’s lawsuit, that your CFPB made yesterday that is public had been filed under seal on September 8, 2014 in a Missouri federal court contemporaneously having an ex parte …
FDIC withdraws listing of “risky” companies alleged to be targeted in “Operation Choke aim”
The FDIC issued a Financial Institution Letter announcing that it was withdrawing the list of “risky” merchant categories that was included in prior guidance on account relationships with third-party payment processors in an unexpected move earlier this week.