CFPB To Hold Hearing on Payday Lending

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Explore:  CFPB Payday Loans

The CFPB, in alignment with its continuing focus on payday lending, will hold a field hearing in Nashville, Tennessee on March 25, 2014, on payday lending. The CFPB previously took enforcement action against a payday lender for unfair and deceptive practices and actions related to the lender’s practice of allegedly “robo-signing” affidavits (see November 26, 2013 Alert). The New York and Colorado state attorneys general also settled with an online payday lender for unlicensed lending and violations of state usury laws (see February 4, 2014 Alert).

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this informational piece (including any attachments) is not intended or written to be used, and may not be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Topics:  CFPB, Payday Loans

Published In: Consumer Protection Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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