Bureau report takes on deposit advance loans but stops short of promising new rules.
A new report from the Center for Responsible Lending has documented that payday lending at six large banks is continuing, and the reported alleged it is damaging consumers financially.
Six banks named in report, charging abuse through high interest rates, other practices, and calling for program shutdowns.
Big bank says it will limit insufficient fund charges to combat practice of putting checks through to accrue multiple fees.
Letters to chief regulators calls for curbs on payday lending, citing risks to consumers and the institutions themselves.
Congress included language in the bill that gives MLA enforcement authority to the CFPB and NCUA.
DENVER — The NCUA will introduce a new regulatory relief package at its Sept. 20 board meeting, Chairman Debbie Matz said Wednesday.
Jamie Fulmer, vice president of public affairs for payday lender Advance America, says he welcomes the opportunity to work with the Consumer Financial Protection Bureau, because consistent disclosures would allow his product to be measured by the same metrics as competing short-term credit union loans.
Front page article describes how banks have begun to court lower income, underbanked and unbanked consumers in an attempt to boost fee income.
The credit union short-term lending model is consistent with CFPB objectives to protect consumers from predatory payday lending, CUNA told the regulator.