Tag Archives: cfpb

CFPB Gets a Right Hook from Democratic National Committee & H. R. 4018

Good News for Payday Loan Consumers! The CFPB takes a “hit” from the chairwoman of the Democratic National Committee! Surprise! CFPB Gets a Right Hook from Rep. Continue reading

Payday Loan Industry Emergency

Payday Loan Fan, This is a payday loan INDUSTRY EMERGENCY! PLEASE get your employees and your customers involved immediately; TODAY. If you don’t, you and your small dollar loan business are HISTORY! Do you think “big brother” and Mr Continue reading

CFPB Issues Letters to Lenders Making Loans to Military

CFPB Targets Military Lenders Against So-called Illegal Military Allotment Business Practices LENDERS TO THE MILITARY “Bureau Puts Companies On Notice After Defense Department Rules Take Effect” The Consumer Financial Protection Bureau (CFPB) sent letters this month to several companies that sell retail goods to military servicemembers, advising them to review their websites and other advertising for potentially misleading marketing and to review other practices related to payment by military allotment. Active-duty servicemembers are not permitted to use allotments to pay for personal property such as vehicles, appliances, and consumer electronics. The CFPB is concerned that companies that are still advertising repayment by way of military allotment may potentially be violating federal consumer financial protection laws Continue reading

Payday Loan Leads Generator versus CFPB

Payday Loan Leads: The continuing saga of the CFPB, Selling Source, Operation Choke Point and Lead Generators. Continue reading

CFPB Helps Big Payday Loan Lenders – Hurts Consumers and Small Business

UH Law Center prof says tighter controls on high-interest ‘payday’ loans may do more harm than good Study finds federal proposals may favor big lenders, meaning fewer options and higher costs for low-income borrowers. HOUSTON, April 2, 2015 /PRNewswire-USNewswire/ — The Consumer Financial Protection Bureau recently outlined rules it plans to propose that place tighter restrictions on high-interest , “payday” and auto-title loans Continue reading

Today’s CFPB Payday Loan Field Hearing in Richmond Virginia

Live from Richmond! BY: Team Trihouse Today, we’re holding a field hearing on payday lending at 12 p.m. Continue reading

Richard Cordray CFPB Hearing on Payday Lending March 26, 2015

CFPB Hearing Payday Loans Read This and WEEP! Prepared Remarks of CFPB Director Richard Cordray at the Field Hearing on Payday Lending “Under our proposed framework, we define the short-term credit market as loans for 45 days or less. These are typically payday loans or vehicle title loans, but one important feature of our rules is that they would apply to any lender issuing similar short-term loans. The rules thus would cover all firms that offer competing products in this segment of the market through any channel, including both storefront and online lenders.” “Specifically, the proposals under consideration would require the lender to make a reasonable determination that the consumer could repay the loan when it comes due without defaulting or re-borrowing Continue reading

CFSA CEO on C-SPAN Discussing the CFPB’s Efforts to Regulate Payday Lending

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Your Payday Loan Software Vendor Can Kill You

Richard Cordray with the CFPB stated, “Our investigation found that for three years First Investors had a flawed computer system –  purchased from a vendor – that provided inaccurate information to credit reporting agencies. Continue reading

“ACE used false threats, intimidation, and harassing calls to bully payday borrowers into a cycle of debt,” said CFPB Director Richard Cordray.

Ace Payday Loan Training Manual WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) took enforcement action against ACE Cash Express, one of the largest payday lenders in the United States, for pushing payday borrowers into a cycle of debt Continue reading