The battle over payday lending — specifically, how tough U.S. federal rule will be in governing the industry — is heating up as an important deadline looms. Letters favorable to the payday lending industry reportedly are flooding in to authorities before the May 15 cutoff for public...
The Consumer Financial Protection Bureau, the government watchdog agency, settled with a handful of payday lenders over alleged violations of the Consumer Financial Protection Act. Marketwatch, citing the CFPB, reported it settled with payday lenders and officials of the companies located in Canada and Malta....
The partial government shutdown, which is now in its fourth week with no sign of ending, is helping out at least two industries: pawn shops and payday lenders. The Financial Times reported that pawnshop chains and payday lenders are seeing a huge jump in their business thanks...
Britain’s financial regulator has sent a warning to payday lenders after rising complaints following the collapse of Wonga. According to Reuters, the Financial Conduct Authority (FCA) sent a “Dear CEO” letter to providers of payday loans, requesting that they take a closer look to determine...
August 22, 2017
Capitol Hill offers the ultimate horse race. Following who’s up, down, in the running, out of the race and which bills might pass … Why should it be any different when it comes to payments and financial services? PYMNTS’ Karen Webster sat down with Bill Sullivan, senior director and group manager of Government and Industry Relations at NACHA, to get his thoughts on where things currently stand in Congress — and where they are going.
May 22, 2020
After a payday lender allegedly left consumers to pay more than promised by drawing continued interest-only deductions, the Federal Trade Commission (FTC) has charged a lending operation with overcharging customers and taking money from their bank accounts without authorization. At the agency’s request, a federal court has entered a temporary restraining order stopping the operation and […]
February 03, 2019
The Consumer Financial Protection Bureau, the government watchdog agency, settled with a handful of payday lenders over alleged violations of the Consumer Financial Protection Act. Marketwatch, citing the CFPB, reported...
January 21, 2019
The partial government shutdown, which is now in its fourth week with no sign of ending, is helping out at least two industries: pawn shops and payday lenders. The Financial Times reported...
October 16, 2018
Britain’s financial regulator has sent a warning to payday lenders after rising complaints following the collapse of Wonga. According to Reuters, the Financial Conduct Authority (FCA) sent a “Dear CEO”...
