Recent short-term, or repo, lending issues have Sen. Elizabeth Warren worried that banks could potentially use the problems to justify easing regulations on the banking industry as a whole. CNBC is reporting that Warren wrote a letter to Treasury Secretary Steven Mnuchin about the mid-September...
The New York State Department of Financial Services (NYDFS) has announced it will lead a multi-state investigation into alleged violations of state regulations of the short term lending industry, specifically in the area of payroll advances. On Tuesday (August 6), Financial Services Superintendent Linda Lacewell...
Short-term lending – specifically, payday loans – have attracted a lot of attention in recent years, from the media and from the regulators. A little more than a year ago, the CFPB (now also known as the BCFP) dropped its final version of its new...
U.S. Bank is entering the small-dollar lending arena. Going forward, U.S. Bank depositors will be able to tap into an online, digital lending product aimed at offering a small cash infusion to solve near-term problems. Called Simple Loan, the new product puts the nation’s largest regional...
August 29, 2017
The final payday lending rules are coming, but reporting by The Wall Street Journal over the weekend suggests that they may not take quite the toll on the lending industry as once thought. The Consumer Financial Protection Bureau (CFPB), it seems, is considering proposals that would scale back the rule’s scope. Instead of casting the net very, very wide to include all short-term […]
October 22, 2019
Recent short-term, or repo, lending issues have Sen. Elizabeth Warren worried that banks could potentially use the problems to justify easing regulations on the banking industry as a whole. CNBC is reporting that Warren wrote a letter to Treasury Secretary Steven Mnuchin about the mid-September issues, including a deluge of corporate tax payments and settlements […]
August 08, 2019
The New York State Department of Financial Services (NYDFS) has announced it will lead a multi-state investigation into alleged violations of state regulations of the short term lending industry, specifically...
April 26, 2018
Joseph Otting, Comptroller of the Currency, says that rules on short-term, small-dollar lending should be relaxed so U.S. banks are able to offer loans to cash-strapped consumers. According to Financial...
