Remove CFPB Remove OCC Remove Service Center
article thumbnail

CFPB Has Spoken: Payday Lending Regs Drop

PYMNTS

But today, the journey came to an end as the CFPB has offered its final ruling on the future of the payday and title lending industry in this country. That destruction is necessary, according to CFPB director Richard Cordray. The CFPB’s payday rule, he added, “necessitates revisiting the OCC guidance.”. So Now What?

CFPB 51
article thumbnail

The Final Payday Lending Rule Drops (Now What)

PYMNTS

But today, the journey came to an end as the CFPB has offered its final ruling on the future of the payday and title lending industry in this country. That destruction is necessary, according to CFPB director Richard Cordray. The CFPB’s payday rule, he added, “necessitates revisiting the OCC guidance.”. So Now What?

Rules 40
article thumbnail

Why The Final Payday Lending Rules Are Far From The Last Word

PYMNTS

Last week, after five years of debates, discussions, arguments and waiting, the Consumer Financial Protection Bureau’s (CFPB) final rules for payday lending dropped. Most concerning, this rule completely disregards the concerns and needs of actual borrowers, who value this credit option and told the CFPB as much in the record 1.4

Rules 43