Conference track
Practice tool type
Issued:
Date
2020
Description
The CFPB payday loan rule is on thin ice, and federal bank regulators are encouraging bank payday loans and rent-a-bank schemes. Can we make lemons out of lemonade and get a federal rate cap? Will banks do the right thing and offer affordable small dollar loans? At the state level, payday lenders and high-cost installment lenders continue pushing to loosen laws, and new “fintech” earned wage advance products look a lot like payday loans. But voters still overwhelmingly support rate caps, and states have more authority than you might think to resist rent-a-bank schemes. Come hear about developments on the policy front at the federal and state levels.
