Category Archives: Uncategorized

CFPB Payday Loan Rules Delayed

Midterm elections are more-or-less done and we received good news.  I’m not against safeguards that can help both consumers and lending businesses, but the rules that were set to take place were total amateur hour.  It was going to make credit access tougher, regulation costs go way up, and less competition.  I filed this in […]

by adminComments (0)

Operation Choke Point – Newly Released Documents

The CFSA published “UNSEALED GOVERNMENT DOCUMENTS PROVE FEDERAL COVER-UP IN OPERATION CHOKEPOINT” and it’s eye popping.  It’s proof that the OCC and FDIC tried to choke out lenders operating legally. “These ‘undisputed facts’ show not only that the lenders have standing to sue according to their filings, but also that the lenders had their due […]

by adminComments Off on Operation Choke Point – Newly Released Documents

Are the CFPB Rules Going to Happen?

An article in American Banker titled “CFPB goes back to the drawing board on payday rule” does a nice job discussing the rules.  My personal opinion is that they’re waiting out for the next presidential election to fire us all up. The effective date of the rules are August 2019.  The article expects Mulvaney to […]

by adminComments Off on Are the CFPB Rules Going to Happen?

Are Robo Dialers Worth the Risk?

It’s worth reading this Op-ed on American Banker titled, “Real issue for debt collectors is the irrelevance of telephones” Is it worth the risk? “TCPA litigation increased 31.8% from 2015 to 2016 while Fair Debt Collection Practices Act litigation decreased during the same time period.” Does it work? “Phone calls are losing relevance as consumers […]

by adminComments Off on Are Robo Dialers Worth the Risk?

Ohio bill takes aim at CSO model

HB 123 is floating around.  It’s unlikely that in it’s current form it could pass.  House Bill 123 would allow short-term lenders to charge a 28 percent interest rate plus a monthly 5 percent fee on the first $400 loaned — a $20 maximum rate. Required monthly payments could not exceed 5 percent of a borrower’s […]

by adminComments Off on Ohio bill takes aim at CSO model

So what’s up with the CFPB?

It’s clear that the CFPB is taking a new direction, but what can we expect.  This article titled “THE CFPB UNDER NEW LEADERSHIP: WHAT TO EXPECT IN 2018” is a good read.  Let’s hope the CFPB’s Robinhood past goes away.

by adminComments Off on So what’s up with the CFPB?

Richard Cordray and the Inside Scoop

Alan Kaplinsky wrote a great article titled What the D.C. Circuit decision vacating stay of EPA rule could mean for final CFPB arbitration and payday loan rules.  What is helpful is the inside scoop on Richard Cordray: Director Cordray will leave the CFPB in the fourth quarter of this year to run for Ohio governor. Essentially, […]

by adminComments Off on Richard Cordray and the Inside Scoop

Is the CFPB in trouble? It’s eerily quiet.

  I enjoyed a speculative article in Market Watch on Richard Cordray.  Is Cordray a sitting duck until after Ohio elects a new governor?  Seems far fetched, but it is juicy.  John Kasich can not run again to term limits in Ohio law.  Like Kasich, but kudos to Ohio for creating term limits.  We need more term […]

by adminComments Off on Is the CFPB in trouble? It’s eerily quiet.

Hudson Cook Analysis on Fintech National Charter

This would be UUGE!  You can see the full article HERE. “The OCC proposal, eagerly awaited by online lenders and participants in marketplace lending platforms, outlines a way for such entities to enjoy the same preemption authority of national banks over various state licensing, usury, and disclosure requirements.”

by adminComments Off on Hudson Cook Analysis on Fintech National Charter

Advance America and CFSA seeking injunction relief

“Advance America said its own situation became dire after five banks decided in the last month to cut ties, including a 14-year relationship with U.S. Bancorp, putting it “on the verge” of being unable even to hold a bank account.” You can read the full article HERE.

by adminComments Off on Advance America and CFSA seeking injunction relief