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CFPB Issues Report on Consumer Use of Alternative Financial Services | Ballard Spahr LLP

As part of its Making Ends Meet survey, the CFPB issued a
report last week on how consumers use payday, auto title, and pawn loans (“alternative financial services” or “AFS”) and the other sources of credit available to them. Consumers surveyed include only those with a traditional credit record and the sampling focused on consumers with lower credit scores, recent credit delinquencies, or living in rural areas.
Many consumers who obtained an AFS product in 2019 were found to still be using AFS products in 2020. The 2019 survey asked consumers whether they had obtained an AFS product within the previous 6 months and found the following use rates: 4.4% for payday loans (defined as “a loan that you must repay, make a payment on, or rollover on your next payday”), 2% for auto title loans and 2.5% for pawn loans. Of those who used an AFS product in the past six months, at the time of the survey 63% still owed on a payday loan, 83% still owned on an auto title loan ....

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CFPB Focus on Payday Lending: A Look Around the Corner | King & Spalding

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With the change of administration in Washington, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) is widely expected to assume a posture of aggressive enforcement of consumer protection laws. One area that we anticipate will receive heightened scrutiny is payday lending, a form of lending that typically involves small, short-term loans at high interest rates. Under new leadership, the CFPB may seek to require that payday lenders assess a borrower’s ability to pay. And even absent such a requirement, the CFPB may pursue enforcement actions against lenders for lending that the CFPB considers “predatory” and/or “unfair,” and therefore putatively in violation of the Consumer Financial Protection Act of 2010 (“CFPA”). ....

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House Wish List Hints At Financial Services Priorities

House Wish List Hints At Financial Services Priorities
By
Aaron Cutler and Ashley Hutto-Schultz
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House Financial Services Committee Chairwoman Waters sends letter to President-elect Biden with recommended rule rescissions and other actions | Ballard Spahr LLP

Earlier this month, House Financial Services Committee Chairwoman Maxine Waters
sent a letter to President-elect Joe Biden recommending various actions that the Biden Administration should take in the financial services arena. Chairman Waters and members of her staff are expected to have a strong voice in shaping the Biden Administration’s approach to financial services regulatory policy. As a result, Chairman Waters’ letter is likely to receive close attention from the President-elect’s agency review teams and influence the priorities of the individuals appointed to lead the financial regulatory agencies.
Chairman Waters’ letter sets out a wide-ranging agenda for the Biden Administration in the areas of COVID-19 relief, climate change, diversity and inclusion, affordable housing, consumer protection, investor protection, financial stability, and international development. It includes as an attachment a list of regulatory and administrative actions by the Tr ....

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