Late last month, the CFPB took the extraordinary step of joining two trade groups in requesting a stay of a case challenging the bureau’s final payday/auto title/high-rate installment loan rule (“Payday Rule”) pending the CFPB’s reconsideration of the rule promulgated under the prior administration. Significantly, the joint motion also seeks a stay of the Payday Rule’s … Continue Reading
Earlier this month, the CFPB Acting Deputy Director David Silberman provided written testimony before the House Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit. Silberman explained that, to date, CFPB enforcement actions had helped secure approximately $11.2 billion in relief for consumers. He also identified the next steps for the CFPB with … Continue Reading
