Changes to the CFPB’s Approach to the Payday Lending Industry

The Trump Administration-appointed Acting Director of the Consumer Financial Protection Bureau (“CFPB”), Mick Mulvaney, recently stated in a memo to his staff that under his leadership, the CFPB would significantly change in its approach to regulation and enforcement.  The most concrete example of this thus far is his approach to the payday lending…

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CFPB Focusing on Risks in Car Loans

The Consumer Financial Protection Bureau (CFPB) released its quarterly report on credit trends for the third quarter of 2017 last week, focusing on trends in the auto lending industry.  Auto loans are a key sector in the lending market—approximately100 million auto loans are outstanding, valued at more than $1 trillion….

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Payday Lenders Claim Regulators Are Choking Their Livelihoods in Motion for Preliminary Injunction

On November 23, 2016, Advance America, Inc., a payday lender, and Community Financial Services Association of America, Ltd., a trade organization which represents the interests of payday lenders (Plaintiffs), filed a Motion for Preliminary Injunction (Motion) against the Federal Deposit Insurance Corporation, the Office of Comptroller of the Currency, and the…

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Massachusetts Attorney General Has Now Recovered More Than $12 Million In Connection With Its Subprime Auto Lending Investigation

This time last year, LLW reported on the Department of Justice going after subprime auto lenders, and more recently we have reported on the CFPB’s targeting of subprime auto lenders.  But Massachusetts has also gotten in on the regulatory action.  On March 16, 2016, the Massachusetts Attorney General’s Office (MAG) announced that American Credit…

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