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|Auto Title Loans, Enforcement Action|0 Comments

What Trump’s regulatory moratorium means for CFPB payday rule

On January 20, the Trump Administration issued a memo directing the recipients to freeze the review and final publication of pending regulations. The memo states, “send no regulation to the Office of the Federal Register (the “OFR”) until a department or agency head appointed by the President after noon on January 20, 2017, reviews and [...]

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 [...]

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 [...]

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|Auto Title Loans, CFPB Rulemaking, Payday Loans, Uncategorized|0 Comments

SBA roundtables scrutinize CFPB payday proposal

In September, the Small Business Administration’s Office of Advocacy hosted a series of roundtable meetings on the CFPB’s proposed payday loan rule. The roundtables focused on the proposal’s potential economic impact on small entities and rural communities and the possible alternatives that might be available to achieve the regulatory objectives in a less costly manner. The CFPB’s proposed rule [...]

By | 2016-10-06T00:00:42+00:00 October 6th, 2016|Auto Title Loans, CFPB Rulemaking, Payday Loans, Uncategorized|0 Comments

CFPB fines TitleMax $9 million

On September 26, the CFPB issued a press release announcing that it has entered into a consent order with TMX Finance, LLC (TMX). The consent order settles allegations that the title lender engaged in unfair collection practices and failed to provide sufficient information to consumers regarding the terms of auto title loans, pawns or pledges. [...]

CFPB sues five Arizona title lenders

On September 20, the CFPB filed individual administrative lawsuits against five auto title lenders operating in the State of Arizona. The Bureau claims that all five lenders failed to adequately disclose the annual percentage rate (APR) on their website or in online advertisements promoting title loans. For each action, the Bureau filed a Notice of [...]

FOIA request uncovers positive payday loan comments

Earlier this week, the Consumer Financial Services Association of America (CFSA), the trade association that represents the short-term lending industry, issued a statement and released documents obtained from a Freedom of Information Act (FOIA) request filed December 31, 2015. The CFSA FOIA request produced records of over 12,000 positive comments that short-term loan customers submitted to [...]

By | 2016-09-08T00:00:22+00:00 September 8th, 2016|Auto Title Loans, CFPB Rulemaking, Payday Loans, Uncategorized|0 Comments
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