After months of speculation, the Consumer Financial Protection Bureau (CFPB) released a final small-dollar loan rule on October 5. If the final rule takes effect, lenders will be required, among other things, to determine whether consumers have the ability to repay (ATR) their loans, prior to issuing certain short-term small dollar, payday, and auto title … 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
