Topic
Small Dollar Lending
48 published works
Consumer Financial Services Law Monitor
CFSA Attempts to Renew Small Dollar Lending Rule Litigation in Supreme Court Petition
By Jason Cover, Stefanie Jackman, Chris Willis
On March 7, the Community Financial Services Association of America (CFSA) and the Consumer Service Alliance of Texas filed a petition for a writ of certiorari with the U.S. Supreme…
Consumer Finance and Fintech Blog
CFPB Takes Action Against Owners of Small Dollar Lender for Hiding Money to Avoid Penalties
By A.J. Dhaliwal, Mehul Madia, Brandon Mohamad*, Celene Gayle*
On June 17, the Consumer Financial Protection Bureau filed an order to resolve its 2023 lawsuit against the former CEO of a short-term small dollar lender and his spouse, in…
Consumer Finance Monitor
Nebraska enacts new licensing requirement for small dollar loans
By Lisa Lanham
Nebraska Governor, Jim Pillen, signed into law Legislative Bill 92 on June 6, 2023, which amended the Nebraska Installment Loan Act (the “Act”) effective June 7, 2023 (the “Effective Date”).…
Consumer Finance Monitor
CFPB lawsuit against All American Check Cashing ends in settlement
By Michael Gordon, Alan S. Kaplinsky
The CFPB and All American Check Cashing have agreed to a settlement in the CFPB’s enforcement action filed against All American in 2016 for alleged violations of the CFPA’s UDAAP…
Financial Services Perspectives
Fifth Circuit Court of Appeals Invalidates Small-Dollar Rule, Throws the Future of the CFPB Into Question
By Christy W. Hancock, Jason R. Bushby, Jonathan R. Kolodziej, R. Aaron Chastain
On October 19, 2022, the Fifth Circuit Court of Appeals issued its opinion in Community Financial Services Association of America, et al. v. CFPB (CFSA v. CFPB) invalidating the CFPB’s…
Consumer Finance Monitor
GAO report on household access to banking services finds limited availability of small-dollar loans from banks and credit unions
In opposing efforts by federal and state lawmakers to impose rate caps on small-dollar loans, industry representatives have pointed out the harm that a rate cap can create for consumers,…
Financial Services Perspectives
CFPB Fall Supervisory Highlights Shed Light on Agency Priorities – Small Dollar Lending
The Fall Supervisory Highlights came out this month and reports the Bureau’s findings of examinations completed between January 2021 and June 2021. The CFPB publishes the Supervisory Highlights to help…
Consumer Finance and Fintech Blog
Hawaii Amends Small Dollar Lending Law
By Moorari Shah, A.J. Dhaliwal
Hawaii recently enacted HB 1192, which amends the state’s small dollar lending law by setting forth a new licensing requirement for “installment lenders” and specifies various consumer protection requirements. The…
Consumer Finance Monitor
Hawaii enacts significant changes to small-dollar lending law
Hawaii recently enacted significant changes to its small-dollar lending law that repeals existing Hawaii law on deferred deposits and creates a new regime for installment loans. Although H.B. 1192 took…
California Corporate & Securities Law Blog
California Statute Permits Unlicensed "Small Dollar" Lending By Some Nonprofits
On the eve of the Great Depression, the United States Bureau of Printing and Engraving made a big change by introducing small bills. The Bureau reduced the size of bills…