Clik here to view.
New FAQ Responses to Small Dollar Rule Address Auto and Mortgage Lending,...
On Tuesday, August 11, 2020, the CFPB issued a second round of answers to frequently asked questions related to the Small Dollar Rule. The FAQ responses range from addressing more nuanced provisions of...
View ArticleClik here to view.
The Consumer Financial Protection Bureau Issues Statement Regarding Small...
On March 23, 2021, the CFPB issued a brief statement highlighting its position regarding “consumer harms in the small dollar lending market” and likely future action to reverse the previous CFPB...
View ArticleClik here to view.
Illinois Caps Consumer Loans at 36% Rate, Limiting Consumers’ Access to Credit
Last week, Illinois enacted the “Predatory Loan Prevention Act” (SB 1792), which would place a 36% rate cap on nearly all non-bank consumer loans. This act will essentially outlaw small-dollar loans in...
View ArticleClik here to view.
District Court Ruling Clears Way for Small Dollar Rule Compliance Date in...
Yesterday, in Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau, a lawsuit involving implementation of the payment provisions of the Payday, Vehicle...
View ArticleNew Mexico Governor Signs Bill to Impose 36% Rate Cap and Tough Anti-Evasion...
Beginning next year, New Mexico will join a handful of other states (including, among others, California, Illinois, and Colorado) setting stringent interest rate caps on consumer loans. House Bill 132,...
View ArticleFifth Circuit Court of Appeals Invalidates Small-Dollar Rule, Throws the...
On October 19, 2022, the Fifth Circuit Court of Appeals issued its opinion in Community Financial Services Association of America, et al. v. CFPB (CFSA v. CFPB) invalidating the CFPB’s Payday,...
View ArticleSupreme Court to Decide CFPB’s Validity
Less than three years after the U.S. Supreme Court reviewed the CFPB’s appointment structure, the bureau again finds itself before the Court in what could prove the most consequential case for the...
View ArticleCFPB Issues Additional Guidance on Use of AI in Credit Underwriting
On September 19, the Consumer Financial Protection Bureau (CFPB) issued Circular 2023-03, which provides guidance as to how lenders must explain denials of applications of credit when the underwriting...
View ArticleCreditors Should Review Their Use of Immigration Status When Accepting and...
On October 12, the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) issued a joint statement emphasizing the risk associated with considering an applicant’s immigration...
View ArticleCFPB Invokes “Dormant” Authority and Unveils First Public Supervisory...
Nearly two years ago, in April 2022, the CFPB issued a press release announcing its intent to start exercising its authority to examine non-bank financial services institutions that the CFPB has...
View Article
