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April

24
2024
Industry News

CFPB Hits Back on Trade Groups Challenge to Small Business Lending Rule (Section 1071)

On April 12, 2024, the Consumer Financial Protection Bureau (CFPB) and its director Rohit Chopra asked U.S. District Judge Randy Crane to grant summary judgment and dispense with an industry-backed challenge to the requirement that small business lenders collect and report loan data.

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April

24
2024
Trends

Payday lending rates are sky high, but not optimism for R.I. Senate to pass reform this year

Community advocates, voters and lawmakers have spent years trying to bring payday loan reform to Rhode Island. And every year, it fails, with legislative leaders unwilling or uninterested in advancing the proposals to their respective chambers for a vote.

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April

24
2024
Industry News

Attorney General Ellison sues used-car dealer for deceptive sales

AG’s Office investigated after receiving consumer complaints: uncovered Midwest Car Search engaged in pattern and practice of deceptive sales, specifically targeting and exploiting Spanish speakers and people with low credit scores.

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April

24
2024
Industry News

Minnesota House Passes Key Provisions of Debt Fairness Act

On April 15, the Minnesota House of Representatives passed the Commerce Policy Omnibus bill, which includes key provisions of the Minnesota Debt Fairness Act. Minnesota AG Keith Ellison supports this bill and celebrated its passage.

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April

24
2024
Trends

Visa CEO: ‘Long Runway’ Ahead as Digital Payments, Credentials Displace Cash and Checks

Visa is seeing continued momentum in Tap to Pay and digital credential issuance, as consumers continue to spend on their debit and credit cards.

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