CFPB Allows Payday Lenders to Inflict Multiple NSF and Overdraft Fees on Struggling Consumers
CFPB won’t enforce Bounced Payment Rule held up by U.S. Supreme Court, Fifth Circuit
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CFPB Rescinds 2020 Advisory Opinion on Earned Wage Advances
The CFPB found that the 2020 Opinion’s analysis of what constitutes “credit” under TILA was “significantly flawed” and that the Opinion, which was limited to completely free advances, had been misunderstood and misused to support claims that EWAs are not credit.
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50-State Survey: APRs Increase As States Allow Lenders to Pile on Junk Fees
Interest rate caps still vary greatly from state to state, rates are trending upward, and too many states allow lenders to pile on junk fees.
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50-State Survey Finds Larger Loans Need Lower Rates
Everything that is wrong with a high-cost loan is only made worse when the loan is larger and the terms are longer.
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Senate Introduces 36% Rate Cap Bill to Curb High-Cost Loans, Junk Fees
Senator Jack Reed (D-RI) introduced the Predatory Lending Elimination Act, which extends to veterans and all consumers the 36% annual percentage rate cap found in the Military Lending Act and prevents the use of junk fees to hide high-cost loans.
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2023 Update: Some States Tighten Rules Against High-Cost Installment Loans; Others Increase Interest Rates and Allow Junk Fees to Pile On
Clear Rate Caps that Prevent Evasions are Critical to Protecting Consumers from Unaffordable Loans
