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Posts Tagged ‘Consumer Financial Protection Bureau’

CFPB makes its presence felt in Texas

Good for them. Texas-based payday lender ACE Cash Express has agreed to pay $10 million to settle allegations by the federal Consumer Financial Protection Bureau that it used harassment and other illegal tactics to push borrowers into a cycle of debt. Under the agreement, the company, one of the nation’s largest payday lenders, will pay […]

The CFPB is almost ready to roll out payday lending regulations

I can’t wait to see what they come up with. Whenever governments start thinking about cracking down on small-dollar, high-interest financial products like payday loans and check cashing services, a shrill cry goes up from the businesses that offer them: You’re just going to hurt the poor folks who need the money! What do you want […]

Another way to squeeze the payday lenders

I wholeheartedly approve of this. The Postal Service (USPS) could spare the most economically vulnerable Americans from dealing with predatory financial companies under a proposal endorsed over the weekend by Sen. Elizabeth Warren (D-MA). “USPS could partner with banks to make a critical difference for millions of Americans who don’t have basic banking services because […]

The fox has always guarded the henhouse

News item: Rick Perry appointee says something obnoxious and privileged about the people his company fleeces for his fortune. The official who oversees Texas’ consumer watchdog says payday-loan customers — not the lenders — are responsible when the loans trap them in a cycle of debt. William J. White says it’s out of line to […]

What we missed by not getting a payday lending bill

Better Texas Blog reminds us of what could have been SB 1247, the omnibus reform bill filed by Sen. John Carona … included the ability to repay standards, loan limits, and refinance limitations, among numerous other provisions. According to the Office of Consumer Credit Commissioner (OCCC), the refinance limitations alone in SB 1247 would have […]

I’ll continue to demonize the payday lending industry, thanks

Lawrence Meyers, a shill for the payday lending industry, has a sad. [Loren] Steffy claims in his blog post (“Will lawmakers finally rein in paydayl lenders,” chron.com) that PDLs are “inherently predatory,” yet a loan cannot be predatory if choices exist, and a person enters into a transaction via free will, with terms and pricing […]

The CFPB and payday lending

This ought to be good. Picking his first public fight with the banking industry, Washington’s top consumer cop, Richard Cordray, promised on Thursday that his examiners will scrutinize a handful of big banks that make high-cost loans. Inspection of major financial institutions will be part of a broader review of payday lenders, he said at […]

Payday lenders face new regulation

New regulations aimed at curbing the excesses of payday lenders are now in effect, but they will not be the last word on the subject. Proponents of the new regulations passed by lawmakers during the 2011 session say they’re needed because the practice of offering short-term, high-interest loans to consumers has led thousands of Texans […]

In which I try to find common ground with Sen. Patrick

From a news item about President Obama’s nomination to helm the Consumer Financial Protection Bureau: Congress created the bureau a year ago this week with the enactment of the Dodd-Frank law, which overhauled financial regulations after the credit crisis. The bureau, a centerpiece of the sweeping new law, has since emerged as one of the […]