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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.”

“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.

Ballard Spahr is hosting a webinar to discuss the proposed rules titled: “The CFPB’s Proposed Payday/Auto Title/High-Rate Installment Loan Rule: Can Industry Adapt to the New World Order?” You can register HERE on their website. A Ballard Spahr webinar on June 15, 2016 12:00 PM – 1:00 PM ET From their website, the topics: The […]

You can read the article at the Washington Post titled “Google to ban payday loan advertisements.” Additionally, David Graff, Google’s director of global product policy: “We’re banning ads for payday loans and some related products from our ads systems. We will no longer allow ads for loans where repayment is due within 60 days of […]

Hudson Cook broke the news that the CFPB Proposes Rule Prohibiting Mandatory Arbitration Clauses. I can see the vultures swarming.  

A must read, “Why Elizabeth Warren’s Consumer Watchdog Could Be In Danger” in the Huffington Post. “In summary, this is an unprecedented, unconstitutional agency that has more power than Congress and the president put together.”  Theodore Olson, counsel of record, PHH Corporation

“Cordray encouraged financial institutions to offer lower-risk account options, including accounts that would not allow for overdrafting the account.” according to the Credit Union Times.  They’re pressuring financial institutions to go to more of a prepaid option that does not overdraw the account.  Basically, the payment does not get honored. A few points were brought […]

You can read the FISCA new release HERE.  Basically, the White House said, whatever the CFPB says….we’re fine with that. The silver lining here is that the petition bought us some time and will force the CFPB to really look at the issue.  It bought us some more time possibly. Here is a pretty good […]

Obama Extorting Auto Lenders, CFPB Memos Prove In 2015, The CFPB claims to have “statistical evidence” showing car lenders and dealers marking up loan prices for minorities vs. whites. But lenders and dealers insist that neutral factors such as credit history and rate-shopping explain any racial disparities in loan pricing. TRUTH: Auto data don’t even include […]

Dear Friends, We have over 95,000 signature, but we need 5,000 more today.  The CFPB is putting together rules that will cripple our industry.  This will directly affect all our jobs, not to mention limit customers access to credit.  Please take a minute to sign this petition by clicking HERE.  If we can get 100,000 signature, […]