Category Archives: Uncategorized

So, there was testimony on the rules going into affect. You can watch the Subcommittee on Economic and Consumer Policy Hearing: CFPB’s Role in Empowering Predatory Lenders: Examining the Proposed Repeal of the Payday Lending Rule HERE. Long store short, most of the banter came from Chairman Raja Krishnamoorthi (D – IL) and Rep. Rashida […]

We’ll miss you Mick Mulvaney and your common sense approach.  He took the CFPB from Robin Hood mode into a do no harm approach.  The agency will focus more on bad actors now.  The days where they nuke an entire industry are gone, hopefully.  Trying to make things “fair” in business is truly a recipe […]

Midterm elections are more-or-less done and we received good news.  I’m not against safeguards that can help both consumers and lending businesses, but the rules that were set to take place were total amateur hour.  It was going to make credit access tougher, regulation costs go way up, and less competition.  I filed this in […]

The CFSA published “UNSEALED GOVERNMENT DOCUMENTS PROVE FEDERAL COVER-UP IN OPERATION CHOKEPOINT” and it’s eye popping.  It’s proof that the OCC and FDIC tried to choke out lenders operating legally. “These ‘undisputed facts’ show not only that the lenders have standing to sue according to their filings, but also that the lenders had their due […]

An article in American Banker titled “CFPB goes back to the drawing board on payday rule” does a nice job discussing the rules.  My personal opinion is that they’re waiting out for the next presidential election to fire us all up. The effective date of the rules are August 2019.  The article expects Mulvaney to […]

It’s worth reading this Op-ed on American Banker titled, “Real issue for debt collectors is the irrelevance of telephones” Is it worth the risk? “TCPA litigation increased 31.8% from 2015 to 2016 while Fair Debt Collection Practices Act litigation decreased during the same time period.” Does it work? “Phone calls are losing relevance as consumers […]

HB 123 is floating around.  It’s unlikely that in it’s current form it could pass.  House Bill 123 would allow short-term lenders to charge a 28 percent interest rate plus a monthly 5 percent fee on the first $400 loaned — a $20 maximum rate. Required monthly payments could not exceed 5 percent of a borrower’s […]

It’s clear that the CFPB is taking a new direction, but what can we expect.  This article titled “THE CFPB UNDER NEW LEADERSHIP: WHAT TO EXPECT IN 2018” is a good read.  Let’s hope the CFPB’s Robinhood past goes away.

Alan Kaplinsky wrote a great article titled What the D.C. Circuit decision vacating stay of EPA rule could mean for final CFPB arbitration and payday loan rules.  What is helpful is the inside scoop on Richard Cordray: Director Cordray will leave the CFPB in the fourth quarter of this year to run for Ohio governor. Essentially, […]

  I enjoyed a speculative article in Market Watch on Richard Cordray.  Is Cordray a sitting duck until after Ohio elects a new governor?  Seems far fetched, but it is juicy.  John Kasich can not run again to term limits in Ohio law.  Like Kasich, but kudos to Ohio for creating term limits.  We need more term […]