All Banking Law, All in One Place. Bloomberg Law: Banking is the comprehensive research solution that powers your practice with access to integrated banking-related legal news, analysis,...
By Jeff Bater
May 27 — The Consumer Financial Protection Bureau (CFPB) is expected to release a proposal regulating the payday lending industry in advance of a June 2 hearing in Kansas City, Mo.
The field hearing will feature remarks by CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives and members of the public. While the agency did not say whether it would be releasing the rule at the hearing, experts who watch the financial services sector said it is likely the proposal will be issued June 2.
The bureau said recently that it would soon be issuing the long-awaited rule and that the proposal will address consumer harms from practices related to payday loans, auto title loans and other similar credit products, including failure to determine whether consumers have the ability to repay without default or reborrowing and certain payment collection practices.
Banks and payday lenders are eager to see what the bureau's regulation will include. Experts said they think the proposal will largely track an outline that the bureau put out in March 2015. Those proposals for consideration would cover loans requiring repayment within 45 days, as well as longer-term credit products.
The Federal Deposit Insurance Corp. (FDIC) is planning to announce on June 1 the bank and thrift industry earnings for the first quarter of 2016.
The agency's Quarterly Banking Profile (QBP) provides comprehensive data on bank and thrift earnings, balance sheet results and performance ratios.
In its last QBP, which was released in February, the FDIC said U.S. bank earnings increased by nearly 12 percent during the final three months of 2015, driven by strong loan growth. The snapshot of lending industry health was clouded by an increase in charge-offs and concern over the full impact of falling oil prices.
To contact the reporter on this story: Jeff Bater in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Seth Stern at email@example.com
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)