What the arbitration rule means for CFPB payday rule

Earlier this week, CFPB Director Richard Cordray acknowledged the possibility that the Bureau’s arbitration rule could be rolled back by a CRA vote but claimed that he did not factor Congressional opposition into his decision to release the final rule. Cordray explained, “My obligation as the director of the consumer bureau is to act [...]

By | 2017-07-13T14:15:14+00:00 July 13th, 2017|0 Comments

Why the CFPB payday rule might not be coming soon

Last June, the CFPB held a field hearing in Kansas City, Missouri to announce the release of the consumer watchdog agency’s highly anticipated proposed rule covering payday and auto title loans, and certain high-cost installment loans. More than a year has passed since the notice of proposed rulemaking was issued last June, and despite [...]

By | 2017-07-12T07:52:48+00:00 July 9th, 2017|0 Comments

What a recent DC Circuit decision could mean for final CFPB arbitration and payday rules

There have been recent rumors that the CFPB will issue its final arbitration rule by the end of July. According to Ballard Spahr attorney Alan Kaplinsky, “that rumor appears to be gaining traction, with major industry trade group telling its members today that it expects the CFPB to issue a final arbitration rule ‘very [...]

By | 2017-07-07T19:35:55+00:00 July 7th, 2017|0 Comments

Massachusetts judge voids hundreds of illegal online auto title loans

On May 25, 2017, the Massachusetts Attorney General issued a press release announcing that it had obtained a judgment in Superior Court against Liquidation LLC, an unlicensed auto little lender that made hundreds of illegal loans to Massachusetts consumers. According to the press release, the court declared the loans void, dissolved the liens that [...]

By | 2017-06-09T22:36:57+00:00 June 1st, 2017|0 Comments

CFPB enters into consent order for $125K with Arizona title lender

In September, the CFPB filed individual administrative lawsuits against five Arizona auto title lenders for deceptive online advertising practices. On December 20, the CFPB entered into a consent order with one of those lenders. Presto Auto Loans, Inc., an auto title lender operating in the State of Arizona, settled the charges by agreeing to pay [...]

By | 2016-12-31T00:00:34+00:00 December 31st, 2016|0 Comments

CFPB sues Virginia pawnbroker/auto title lender

On November 3, the CFPB filed a lawsuit in Virginia federal district court against B&B Pawnbrokers, Inc. (“B&B”) for allegedly deceiving consumers about the actual annual cost of its loans. B&B operates in Fredericksburg, Virginia and offers closed-end pawn and auto title loans. In the complaint, the Bureau alleged that B&B violated the Truth in [...]

By | 2016-11-04T00:00:19+00:00 November 4th, 2016|0 Comments

SBA comment letter asks CFPB to reconsider payday rules

On October 7, the Small Business Administration’s Office of Advocacy submitted its comment letter on the CFPB’s short-term, small-dollar loan proposal. A copy of the SBA comment letter is available here. The Office of Advocacy (Advocacy) was established to act as a voice for small businesses in the rulemaking process. In its comment letter, the [...]

By | 2016-10-11T00:00:09+00:00 October 11th, 2016|0 Comments