The Bureau expects to issue proposed rules in January 2019 that will reconsider the Bureau's rule regarding Payday, Vehicle Title, and Certain High-Cost Installment Loans and address the rule's compliance date.
Cash Express Made Misleading Representations to Consumers and Improperly Seized Money From Check-Cashing Transactions
Bureau of Consumer Financial Protection Files Suit Against Future Income Payments LLC, Scott Kohn, and Related Entities
The Bureau of Consumer Financial Protection (BCFP) has filed a complaint against Future Income Payments, LLC (FIP), and others.
Today a federal district court in the Western District of Missouri entered an Order effectuating a settlement between the Bureau of Consumer Financial Protection (Bureau) and Richard Moseley, Sr., Richard Moseley, Jr., and 20 interrelated corporate entities controlled by Moseley, Sr. and Moseley, Jr., in the Bureau’s lawsuit regarding the unlawful origination and servicing of short-term, small-dollar online loans to consumers nationwide.
Triton Did Not Properly Disclose Terms and Conditions of Certain Loan Products, and Failed to Disclose Finance Charges in Advertisements
Company Engaged In Improper Debt Collection and Credit Furnishing Practices
The Bureau of Consumer Financial Protection (Bureau) today
issued the following statement on the Payday Rule:
"January 16, 2018 is the effective date of the Bureau of Consumer Financial Protection’s final rule entitled “Payday, Vehicle Title, and Certain High-Cost Installment Loans”"(“Payday Rule”). The Bureau intends to engage in a rulemaking process so that the Bureau may reconsider the Payday Rule.
Bureau Alleges That Think Finance Deceived Consumers Into Paying Debts That Were Not Valid
Lenders Must Determine If Consumers Have the Ability to Repay Loans That Require All or Most of the Debt to be Paid Back at Once
Thank you for joining us. After a long process of research, outreach, and review of over one million public comments, the Consumer Bureau today has issued a rule aimed at stopping debt traps on payday and auto title loans. The rule is guided by the basic principle of requiring lenders to determine upfront whether people can afford to repay their loans.