Here. Listen to it while driving. It explores people involved in the CFPB's dismissal of the Golden Valley payday lending case and quotes Chris Peterson.
Category Archives: Predatory Lending
The report is here. This looks bad. This is the Golden Valley case in which the lender charged up to 950%. Here's an excerpt: Mulvaney declined requests for an interview. In an email, his press representative first said the decision to drop the Golden Valley lawsuit was made by "professional career staff" and not Mulvaney. […]
by Jeff Sovern Last month, Interim Director Mulvaney announced that the Bureau may reconsider the Bureau's payday lending rule. But he can't just rescind it. That would require a full notice-and-comment rulemaking, and that would take longer than Mulvaney will be at the CFPB (under the Vacancies Act, he is limited to 210 days). True, […]
Ann Fleming of Georgetown has written a book, City of Debtors: A Century of Fringe Finance. I'm pasting in a blurb below, but first, for those who want to know more about this subject but don't have time to read the book just now, here are some other options. Last fall, Ann wrote a WaPo op-ed about the […]
by Jeff Sovern The drip of bad news for consumer protection continues. Yesterday, the CFPB announced a "Call for Evidence Regarding Consumer Financial Protection Bureau Functions;" Evan Weinberger has more at Law360. Today we learned, as Allison posted, that the Bureau's budgetary request for this quarter is nothing–it will spend down its reserves instead. Allison […]
by Jeff Sovern Here. It seems unlikely that the Bureau would go to the trouble of a rulemaking only to ratify the rule. The Bureau had previously stated that it intended to amend the prepay card rule.
by Jeff Sovern The landing page is here. Here is an excerpt from one story, Kicking in Doors and Crushing Credit: How Rent-A-Center Torments Customers, though other stories on the web site merit attention, and there is more to this one than we can include here: Virginia real estate investor Olivia Quinn says she lost her […]
In an editorial titled President Cordray Strikes Again. This time, it's the payday lending rule that has the WSJ up in arms. Here's the conclusion: The recent rule-makings give the President more cause to dismiss the director, and a D.C. Circuit Court of Appeals panel has held that he can be removed at will. Mr. […]
According to the press release: "The Consumer Financial Protection Bureau (CFPB) today finalized a rule that is aimed at stopping payday debt traps by requiring lenders to determine upfront whether people can afford to repay their loans. These strong, common-sense protections cover loans that require consumers to repay all or most of the debt at […]
by Jeff Sovern Yesterday, the House passed an appropriations bill that incorporates provisions from the Financial Choice Act that would cripple the CFPB. According to Law360: The base bill would make a number of changes to the CFPB, including bringing it under the purview of the normal appropriations process. In addition, the bill would remove […]