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#1652741 - 01/19/12 03:41 PM CFPB Payday Lending Exam Procedures
Reads Regs Offline
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The CFPB is holding a hearing today on payday lending in Birmingham, AL. http://www.consumerfinance.gov/pressrele...payday-lending/

The Bureau posted pay day lending exam procedures. http://www.consumerfinance.gov/wp-conten...tion-Manual.pdf

We are not supervised by the CFPB and we don't offer such products but for those that do I thought you might want to see this.
Last edited by Reads Regs; 01/19/12 03:42 PM.
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#1652787 - 01/19/12 03:56 PM Re: CFPB Payday Lending Exam Procedures Reads Regs
Pale Rider Offline
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Payday lenders on line need to see the procedures. I wonder if they have a site?

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#1653328 - 01/20/12 12:56 AM Re: CFPB Payday Lending Exam Procedures Reads Regs
Princess Romeo Offline

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'Bout darn time! I can only imagine how some of those exams might go and the heated exchanges between the examiners and management of some of these shops.

"What do you MEAN we can't REQUIRE automatic loan payments??? How the heck else are we going to get paid???"
Last edited by Princess Romeo; 01/20/12 12:58 AM.
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#1653329 - 01/20/12 01:05 AM Re: CFPB Payday Lending Exam Procedures Princess Romeo
Kathleen O. Blanchard Offline

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Originally Posted By: Princess Romeo
"What do you MEAN we can't REQUIRE automatic loan payments??? How the heck else are we going to get paid???"


Gee, I get that from banks!
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#1653967 - 01/20/12 09:19 PM Re: CFPB Payday Lending Exam Procedures Kathleen O. Blanchard
Princess Romeo Offline

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Originally Posted By: Kathleen B
Originally Posted By: Princess Romeo
"What do you MEAN we can't REQUIRE automatic loan payments??? How the heck else are we going to get paid???"


Gee, I get that from banks!


I know, right? Can you imagine the Payday lenders?
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CRCM,CAMS
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#1654058 - 01/21/12 12:13 AM Re: CFPB Payday Lending Exam Procedures Reads Regs
EmilyAnn Offline
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I think it's an appropriate area to up enforcement, but I can't imagine how they'll do it. There are so many, and they pop up and change names all the time.

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#1654065 - 01/21/12 02:22 AM Re: CFPB Payday Lending Exam Procedures Reads Regs
Kathleen O. Blanchard Offline

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It does seem it will be quite a challenge.
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#1655922 - 01/25/12 07:46 PM Re: CFPB Payday Lending Exam Procedures Reads Regs
Wonder Why? Offline
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The State of Ohio managed to severly restrict Payday Lenders with fee limitations, limits on number of loans permitted, etc... The restrictions are so prohibitive that most of them went out of business. Interesting that Cordray is from Ohio......hmmm smile

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#1655971 - 01/25/12 08:12 PM Re: CFPB Payday Lending Exam Procedures Reads Regs
straw Offline
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Az put interest rate caps, so they all morphed into auto loan lenders. Come in and get money by putting your car up as collateral. No real change.

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#1656034 - 01/25/12 08:57 PM Re: CFPB Payday Lending Exam Procedures Wonder Why?
EmilyAnn Offline
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Originally Posted By: Wonder Why?
The State of Ohio managed to severly restrict Payday Lenders with fee limitations, limits on number of loans permitted, etc... The restrictions are so prohibitive that most of them went out of business. Interesting that Cordray is from Ohio......hmmm smile


I wonder where people are getting small dollar loans now in Ohio. I'm not a proponent of the payday lending business, but I am guessing the demand hasn't gone away. I hope they use the experience in Ohio as a good test case for potential unintended consequences, whatever they may be (good or bad).

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#1656077 - 01/25/12 09:50 PM Re: CFPB Payday Lending Exam Procedures Reads Regs
Pale Rider Offline
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Texas is ground zero for payday lenders, car title lenders, pawn shops, refund anticipation tax preparers....their lobby is strong here...
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