Small-dollar lending

The templates are meant to make it easier to obtain agency approval for small-dollar loan products and to accommodate mortgage servicers that want to provide online loss mitigation options.

In a letter to the agency's inspector general, the 15 lawmakers pointed to specific cases where they said the bureau departed from legal standards in deciding not to require restitution.

In a registration statement filed with the SEC, the company revealed new details about its financial performance and its growth plans.

The legislation, which passed a key test in the state Senate on Wednesday, is the product of a compromise between consumer advocates and some lenders.

The CFPB issued a final rule late Thursday to delay the compliance date for mandatory underwriting provisions of the 2017 payday lending rule.

The AGs say the agency's plan to rescind ability-to-repay requirements for payday loans would undermine states' ability to enforce their own laws.

The official told lawmakers Thursday that the research underlying the bureau's 2017 payday rule proposal did not support strict underwriting requirements of small-dollar loans.

Assemblywoman Monique Limon is in the “early stages” of exploring how to create a state-level Consumer Financial Protection Bureau as part of a broader push for more consumer protection for state residents.

The installment lender, which bills itself as an alternative to payday lenders, targets underserved communities and operates through a network of retail partners.

In a major victory for small-dollar lenders, the agency plans to rescind underwriting requirements that were the centerpiece of the rule drafted by a Democratic appointee.

Some in the industry worry the Fed may balk at allowing OCC charter recipients into the payments system, but Otting downplayed those concerns.

Gov. Jerry Brown’s administration sent letters Wednesday to 20 nonbank lenders that charge triple-digit annual percentage rates to try to determine if their use of online referrals is steering borrowers into larger loans than they want or need.

The nation's fifth-largest bank on Monday rolled out a three-month consumer loan that is far less expensive than the typical payday loan. The move comes as regulators are encouraging banks to reach out to the subprime market, which they largely abandoned.

The Office of the Comptroller of the Currency’s bulletin is seen as just one piece of the regulatory puzzle to coax banks into installment lending.

Just two months ago, Comptroller Joseph Otting seemed to signal that the OCC might be open to letting national banks rent their charters to payday lenders. Now he is clarifying that it won’t happen.

The legislation, signed Monday by Gov. Rick Scott, authorizes 60- to 90-day loans of up to $1,000. It makes Florida the first state to pass a law designed to blunt the impact of the CFPB’s payday lending rule.

Comptroller of the Currency Joseph Otting said reform of Community Reinvestment Act regulations is a "key element" of how regulators aim to recalibrate rules a decade after the financial crisis.