RELEVANT NEWS

Trade groups file opposition to CFPB’s motion for summary judgment in Texas lawsuit

The industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed their combined opposition to the CFPB’s cross-motion for summary judgment and reply to the CFPB’s opposition to the trade groups’ motion for summary judgment. ...

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Trade groups file amended complaint in Texas lawsuit challenging CFPB payday loan rule

The industry trade groups challenging the CFPB’s final Rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) filed their Amended Complaint in accordance with the briefing schedule recently entered by the court....

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The Hill: Bill Himpler: Let's not hinder consumers' access to credit

Well-intentioned but misguided regulatory efforts too often end up making things worse, not better, for the very people the policies aim to help. Let’s not make that mistake by hindering consumers’ access to credit....

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WSJ: A Partial Payday Reprieve

Don’t buy the hype that the Trump crowd is “weakening” rules and leaving Americans susceptible to dangerous practices. The payday rewrite is a welcome first step toward regulatory modesty on an industry whose offense is being politically unpopular....

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The Hill: Frank Keating: Operation Choke Point Reveals True Injustices of Obama’s Justice Departme

Frank Keating: "I know what a thorough and fair investigation looks like. I have served as an FBI agent and U.S. Attorney in Oklahoma. I was also the third-ranking official at the DOJ during the Reagan administration in charge of all criminal matters. At all times, I strived to proceed with due process, the way our founders intended. However, the clandestine Operation Choke Point had more in common with a purge of ideological foes than a regulatory enforcement action."...

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TownHall: Payday loan ‘protections’ would harm millions of struggling Americans

Like many policies promulgated by out-of-touch politicians and bureaucrats, payday lending restrictions hurt the very people they are intended to help. The 80 percent of Americans who live paycheck to paycheck need access to emergency loans when something goes wrong. Squeezing out short-term lenders will only hurt struggling families. ...

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Fox News: Javier Palomarez: Why CFPB's rule on small dollar loans puts minority communities at risk

Last month, the Consumer Financial Protection Bureau (CFPB) released its final rule on small-dollar loans. The CFPB heralded this rule as a victory for consumers that would protect them from unscrupulous practices. In reality, however, this rule will shutter thousands of small businesses across the country and force millions of small-dollar loan customers to seek out dangerous alternatives. In doing so, the CFPB is putting the small business community at risk
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Politico: Payday-lending crackdown draws 1.4 million letters of protest

A plan to rein in high-cost loans has generated an estimated 1.4 million comments, in what may be a record for any federal rulemaking, as payday lenders pushed back against public opinion and the CFPB with surprising force....

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