Jeremy T. Rosenblum

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Ballard Spahr critiques CFPB payday loan rule’s payment provisions

By Jeremy T. Rosenblum on June 11, 2019

Last month, Ballard Spahr submitted two letters to the CFPB, critiquing the payment provisions of the CFPB’s final payday/auto title/high-rate installment loan rule (the “Payment Provisions”). Last Friday, the Bureau delayed the implementation date of the rule’s mandatory underwriting provisions by 15 months, to November 19, 2020. However, the Payment Provisions are scheduled to go into effect on August 19, 2019 or the date the current judicial stay of the rule is lifted, whichever comes later.…

Consumer Finance Monitor

CFPB issues final rule delaying compliance date of payday loan rule ability-to-repay provisions; August 19 compliance date for payment provisions remains unchanged

By Jeremy T. Rosenblum on June 10, 2019

The CFPB has issued a final rule delaying the compliance date for the ability-to-repay (ATR) provisions in its final payday/auto title/high-rate installment loan rule (Payday Rule) for 15 months, until November 19, 2020. The Supplementary Information accompanying the final rule expressly states that the Bureau is not delaying the August 19, 2019 compliance date for the Payday Rule’s troublesome payment provisions. Both the payment provisions and the ATR provisions are currently stayed by order of the…

Consumer Finance Monitor

NY federal district court deals blow to OCC fintech charter

By Jeremy T. Rosenblum on May 6, 2019

A dark cloud is now hanging over the OCC’s decision to accept applications for special purpose national bank (SPNB) charters from fintech companies as a result of the opinion issued last week by a New York federal district court in the lawsuit filed by the New York Department of Financial Services (NYDFS) seeking to block the OCC’s issuance of the charters. In denying the OCC’s motion to dismiss, the court concluded not only that the…

Consumer Finance Monitor

CFPB does not seek lifting of stay of compliance date for payday loan rule’s payment provisions in new status report filed in trade groups’ lawsuit

By Jeremy T. Rosenblum on March 11, 2019

The CFPB and the two industry trade groups that filed a lawsuit in a Texas federal district court challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) filed a new status report with the court on March 8 to follow up on their March 1 status report. The new status report sets forth the parties’ views on whether the court should continue to stay the lawsuit and the Payday Rule’s August 19,…

Consumer Finance Monitor

CFPB issues small entity compliance guide for payday loan rule payment provisions

By Jeremy T. Rosenblum & Jason M. Cover on February 25, 2019

The CFPB has issued a new small entity compliance guide: “Payday, Vehicle Title and High-Cost Installment Lending Rule: Payment-Related Provisions.” The CFPB has proposed to revise its final payday/auto title/high-rate installment loan rule to rescind the rule’s ability-to-repay (ATR) provisions in their entirety and to delay the compliance date for the ATR provisions until November 19, 2020. However, its proposals would leave unchanged the rule’s payment provisions and continue to require compliance by August 19…

Consumer Finance Monitor

OCC issues statement in support of proposed revisions to CFPB payday loan rule

By Jeremy T. Rosenblum on February 11, 2019

Comptroller of the Currency Joseph Otting issued a statement today in support of the CFPB’s proposal that would rescind in their entirety the ability-to-repay (ATR) provisions in its final payday/auto title/high-rate installment loan rule. (The CFPB has also proposed to delay the mandatory compliance date for the ATR provisions until November 19, 2020 but took no action to change the rule’s payment provisions or the August 19, 2019 compliance date for the payment provisions.) In…

Consumer Finance Monitor

CFPB proposes revisions to final payday/auto title/high-rate installment loan rule; Ballard Spahr to hold February 21 webinar

By Jeremy T. Rosenblum on February 7, 2019

The CFPB has issued highly-anticipated proposed revisions to its final payday/auto title/high-rate installment loan rule (Rule) that would rescind the Rule’s ability-to-repay provisions in their entirety (which the CFPB refers to as the “Mandatory Underwriting Provisions”). The Bureau will take comments on the proposal for 90 days after its publication in the Federal Register. In a separate proposal, the CFPB has proposed a 15-month delay in the Rule’s August 19, 2019 compliance date to…

Consumer Finance Monitor

CFPB announces $1 settlement with broker of pension assignments

By Jeremy T. Rosenblum & Scott M. Pearson on January 24, 2019

The CFPB announced that it has entered a settlement with Mark Corbett to resolve the Bureau’s allegations that Mr. Corbett violated the Consumer Financial Protection Act in connection with his brokering of contracts providing for the assignment of veterans’ pension payments to investors in exchange for lump sum amounts. In its press release announcing the settlement, the Bureau stated that its investigation “is being conducted in partnership with the Office of Arkansas Attorney General…

Consumer Finance Monitor

FDIC seeks comments on small-dollar lending

By Jeremy T. Rosenblum on November 15, 2018

The FDIC has published a request for information (RFI) on small-dollar lending, including “steps the FDIC could take to encourage FDIC-supervised institutions to offer responsible, prudently underwritten small-dollar credit products that are economically viable and address the credit needs of bank customers.” (The FDIC supervises state-chartered banks and savings institutions that are not Federal Reserve members.) Comments must be received by January 22, 2019. In May 2018, the OCC issued a bulletin intended to encourage…

Consumer Finance Monitor

Court stays CFPB payday loan rule compliance date

By Jeremy T. Rosenblum on November 7, 2018

Yesterday, the court reversed course in the lawsuit filed by two industry trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule). On its own initiative, the Texas federal district court granted a stay of the Payday Rule’s August 19, 2019 compliance date and continued in force its stay of the lawsuit. Unfortunately, the court did not specify a termination date for the stay of the compliance date, as the trade groups…

Jeremy T. Rosenblum

Ballard Spahr critiques CFPB payday loan rule’s payment provisions

CFPB issues final rule delaying compliance date of payday loan rule ability-to-repay provisions; August 19 compliance date for payment provisions remains unchanged

NY federal district court deals blow to OCC fintech charter

CFPB does not seek lifting of stay of compliance date for payday loan rule’s payment provisions in new status report filed in trade groups’ lawsuit

CFPB issues small entity compliance guide for payday loan rule payment provisions

OCC issues statement in support of proposed revisions to CFPB payday loan rule

CFPB proposes revisions to final payday/auto title/high-rate installment loan rule; Ballard Spahr to hold February 21 webinar

CFPB announces $1 settlement with broker of pension assignments

FDIC seeks comments on small-dollar lending

Court stays CFPB payday loan rule compliance date

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