On August 20. 2020 the United States District Court for the Western District of Texas entered an order lifting one the stays in the case of Community Financial Services Association of America, LTD., et al., v. Consumer Financial Protection Bureau, et al. The lawsuit filed by two trade groups challenging the CFPB’s 2017 final payday loan rule. The stay was originally entered in June 2018 on the heels of the trade groups’ motion for a […]
Tag: Payday Loans
FINAL PAYDAY RULES
On October 5, 2017 the Consumer Financial Protection Bureau (CFPB) made available a final new rule, 12 CFR Part 1041 (Regulation OO), for Payday, Vehicle Title and Certain High-Cost Installment Loans. The 1,690 page rule is, for the most part, effective 21months after publication in the Federal Register. The rule is complex and controversial. The development of the rule involved over five years of research, outreach, and a review of more than one million comments […]
CFPB RELEASES PROPOSAL TO ELIMINATE PAYDAY DEBT TRAPS
As promised in the 2016 spring semi-annual agenda, the CFPB released today its proposal to end payday debt traps for consumers. The proposed protections will cover those products that have developed a stigma of being harmful to consumers, including payday loans, auto-title loans, deposit advance products, and certain high-cost installment and open-end products. While these may not be common products utilized in your financial institution, there may be a loan or two lurking on your […]