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.
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
Thank you for joining us. After a long process
of research, outreach, and review of over one million public comments, the
Consumer Bureau today has issued a rule aimed at stopping debt traps on payday
and auto title loans. The rule is guided by the basic principle of requiring
lenders to determine upfront whether people can afford to repay their loans.