June 3, 2016 On June 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) released a statement regarding proposed new rules aimed at the payday lending industry. The proposed rules seek to protect consumers from what the CFPB refers to as “payday debt traps” and may impose stricter requirements on such payday lenders. The CFPB is […]
CFPB Proposes New Payday Lending Rules Read More »
As we previously blogged and in light of of recent regulatory action by the Federal Deposit Insurance Corporation (FDIC) regarding short term loans (also referred to as “payday loans” and “cash advances”), New York Governor Andrew Cuomo has increased enforcement efforts against payday lenders and recently widened the net of potential defendants to include marketers of payday
New York Expands Payday Lending Industry Investigation to Focus on Marketers Read More »
Following recent regulatory actions undertaken by the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency regarding short term loans (also referred to as “payday loans” and “cash advances”) and the thirty-five (35) cease and desist letters issued in August 2013 by New York’s Department of Financial Services to online payday lenders,
New York State Reaches Settlement with Payday Lenders Read More »
New Regulations Coming for Payday Lenders According to multiple sources, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency are expected to issue new guidelines this week governing certain aspects of short term loans (also referred to as “payday loans” and “cash advances”), as well as the way that
New Rules for Payday Lenders Read More »
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