Posted onAuthorCharles I. SpencerComments Off on CFPB gets payday rule restoration challenge
By Katryna Perera (January 14, 2022, 7:24 PM EST) – A DC federal judge on Friday dismissed a case against the US Consumer Financial Protection Bureau regarding the agency’s decision to repeal capacity underwriting requirements for reimbursement for payday lenders, despite arguments from community advocates that the agency used poor analysis to justify the rollback.
U.S. District Judge Amit P. Mehta agreed with the CFPB and defendant intervener Community Financial Services Association of America Ltd. that the plaintiffs lacked standing.
The National Association of Latino Community Asset Builders filed a lawsuit in October 2020, alleging that the CFPB violated federal regulatory standards by deciding to water down its 2017 salary…
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The battle over a proposed new payday loan rule began on Thursday, with supporters saying it would protect needy borrowers and opponents warning it would reduce access to credit and threatening legal action. The rhetorical skirmishes began when the Consumer Financial Protection Bureau released a plan that would require providers of payday loans, auto title […]
(Source – Shutterstock) Earned Wage Access (EWA) service providers are increasingly in demand around the world thanks to the new working lifestyles that most workers demand today. While large enterprises would likely rely on EWA’s services, it is small and medium-sized enterprises (SMEs) that would rely heavily on it. Before the pandemic, most SMEs paid […]
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