What Trump’s regulatory moratorium means for CFPB payday rule

does freeze memo apply to payday ruleOn 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 approves the regulation.” The memo clarifies that these instructions extend to “any substantive action by an agency (normally published in the Federal Register) that promulgates or is expected to lead to the promulgation

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 a civil money penalty of $125,000 to the CFPB’s Civil Penalty Fund.

CFPB sues Virginia pawnbroker/auto title lender

CFPB sues Virginia pawnbrokerOn 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 Lending Act (TILA) and the Consumer Financial Protection Act (CFPA).

SBA comment letter asks CFPB to reconsider payday rules

SBA comment letterOn 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 Advocacy noted that the Small Business Jobs Act of 2010 “requires agencies to give every appropriate consideration to comments provided by Advocacy.”