U.S. Rep. Blaine Luetkemeyer, R-Mo., is calling on federal agencies to investigate “Operation Choke Point.” Beginning in 2013,the federal government used Operation Choke Point to refuse banking services to certain industries the government deemed to have “reputational risk.” Many payday Continue reading Missouri US Rep. Calls for Investigation over “Operation Choke Point”
There has been no change in legislation in Missouri for the Payday/Installment Loan Industry for 2018. A bill known as HB2657 was introduced in the Missouri State House on March 1, 2018. The major thrust of this bill was to Continue reading Missouri Payday Loan Legislation Update
Many of our clients are concerned about the so-called Federal Payday Loan Rules that were written in 2017 with an effective date in 2019. The Payday Loan Rules were authored by a governmental agency known as the Consumer Financial Protection Continue reading Consumer Financial Protection Bureau Ruled Unconstitutional
As we wrote in our blog post dated June 2, 2018, the lawsuit against the federal Bureau of Consumer Financial Protection (BCFP) brought by 2 payday loans associations has been put on hold. In their joint motion to stay the Continue reading More Information on the Federal “Payday Loan Rules”
On March 19, 2018 Governor Rick Scott signed the Deferred Presentment Transactions Law (SB 920). This new legislation will allow loans of up to $1,000 paid back in installments of 60-90 days. Find more details at: https://onqfinancial.com/down-payment-assistance/new-mexico-programs/. Prior law allowed Continue reading Details on Florida’s new Payday Lending and Installment Law
The short answer to this question is the Bureau of Consumer Financial Protection (BCFP) has postponed implementation of the new rules. Additionally, the Federal Payday Loan Rules are being litigated in Federal Court (Austin, Texas). Finally, the leadership of the BCFP Continue reading What is the status of the Federal Payday Loan Rules?
Good news for the Payday Loan Industry, in case you have not heard. The Trump Administration ended Operation Choke Point, a program under the Obama administration that caused banks to stop working with customers in the Payday Loan Industry. This Continue reading Operation Choke Point