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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Letter in Opposition to New Mexico HB 59
HB 59 would exempt fintech payday loans from New Mexico’s lending laws and interest rate limits. The bill is based on the model law by the conservative American Legislative Exchange Council (ALEC). It offers a fee limit that would still result in triple digit APRs and mounting fees, places no cap on purportedly voluntary “tips”…
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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.
Read More about CFPB Rescinds 2020 Advisory Opinion on Earned Wage Advances
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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.
Read More about 50-State Survey: APRs Increase As States Allow Lenders to Pile on Junk Fees
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Predatory Installment Lending in the States: How Well Do the States Protect Consumers Against High-Cost Installment Loans? (2024)
Forty-five states and the District of Columbia (DC) currently cap interest rates and loan fees for at least some consumer installment loans, depending on the size of the loan. However, the caps vary greatly from state to state, and a few states do not cap interest rates at all.
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Comparing APRs on Small Loan Alternatives
Consumers who wish to borrow small amounts of money may have several options. Comparing them can be difficult, especially since consumers do not always get annual percentage rate (APR) disclosures. The APR is an important price comparison tool, providing an apples-to-apples rate comparison for borrowing the same amount of money for the same amount of…
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