Tag Archives: Payday Lending

CFPB Director Cordray Delivers Remarks at Consumer Advisory Board Meeting

On November 2, 2017, Consumer Financial Protection Bureau (“CFPB” or “Bureau”) Director Richard Cordray delivered remarks at a meeting of the Consumer Advisory Board in Tampa, Florida. Director Cordray’s remarks touched on the following issues: Reverse Mortgages: Noting that Florida is home to millions of senior Americans, Director Cordray discussed reverse mortgages, a financial product … Continue Reading

CFPB Finalizes Payday Lending Rule

On October 5, 2017, the CFPB finalized its long-awaited rule on payday, vehicle title, and certain high-cost installment loans, commonly referred to as the “payday lending rule.” The final rule places ability-to-repay requirements on lenders making covered short-term loans and covered longer-term balloon-payment loans. For all covered loans, and for certain longer-term installment loans, the … Continue Reading

Pence’s Chief Economist Previews CFPB Changes, Predicts Agency’s Continued Existence

On March 7, 2017, Mark Calabria, chief economist to Vice President Mike Pence, commented on the Trump administration’s likely approach to the CFPB during a panel at the National Association for Business Economics’ annual economic policy conference. The comments provide rare insight given that President Trump has not publicly detailed his thinking on reforming the … Continue Reading

Court Imposes $1.3 Billion Judgment on Payday Lender

On September 30, 2016, a federal district court in Nevada granted summary judgment to the Federal Trade Commission (“FTC”) against the remaining defendants in the FTC’s lawsuit against payday lender AMG Services Inc. and various related individuals and entities.  The court ruled against race car driver Scott Tucker, whom it found individually liable as a controlling … Continue Reading
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