The Consumer Financial Protection Bureau today is proposing to rescind certain provisions of its 2017 final rule governing “Payday, Vehicle Title, and Certain High-Cost Installment Loans.”
Payday Lender Failed to Prevent Overcharges, Made Harassing Collection Calls to Borrowers’ References, Must Pay $100,000 Fine
The Bureau expects to issue proposed rules in January 2019 that will reconsider the Bureau's rule regarding Payday, Vehicle Title, and Certain High-Cost Installment Loans and address the rule's compliance date.
Cash Express Made Misleading Representations to Consumers and Improperly Seized Money From Check-Cashing Transactions
The Bureau of Consumer Financial Protection (BCFP) has filed a complaint against Future Income Payments, LLC (FIP), and others.
Today a federal district court in the Western District of Missouri entered an Order effectuating a settlement between the Bureau of Consumer Financial Protection (Bureau) and Richard Moseley, Sr., Richard Moseley, Jr., and 20 interrelated corporate entities controlled by Moseley, Sr. and Moseley, Jr., in the Bureau’s lawsuit regarding the unlawful origination and servicing of short-term, small-dollar online loans to consumers nationwide.
Triton Did Not Properly Disclose Terms and Conditions of Certain Loan Products, and Failed to Disclose Finance Charges in Advertisements
Company Engaged In Improper Debt Collection and Credit Furnishing Practices
The Bureau of Consumer Financial Protection (Bureau) today
issued the following statement on the Payday Rule:
"January 16, 2018 is the effective date of the Bureau of
Consumer Financial Protection’s final rule entitled “Payday, Vehicle Title, and
Certain High-Cost Installment Loans”"(“Payday Rule”). The Bureau intends
to engage in a rulemaking process so that the Bureau may reconsider the
Payday Rule.
