Tag: examination guidelines

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CFPB to Payday Lenders: We’re Coming for You – Cordray Tells Payday Lenders to Expect “Much More Attention” and Releases New Examination Guidelines for the Industry; Many Questions Left Unanswered

CFPB to Payday Lenders: We’re Coming for You – Cordray Tells Payday Lenders to Expect “Much More Attention” and Releases New Examination Guidelines for the Industry; Many Questions Left Unanswered

By: David G. McDonough, Jr.

Payday lenders recently received their first peek at what life will be like under the CFPB’s watch, and it’s not a pretty picture. In the Bureau’s recently released examination procedures for payday lenders, the CFPB makes clear that it will examine every aspect of a payday lender’s operation, likely well beyond what most payday lenders have experienced to date with the patchwork of state regulation. Read More

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