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This holiday season, many will be tempted to turn to payday loans, auto title loans, or high-cost installment loans to purchase gifts. In fact, payday lenders make their greatest profits this time of year. With some of these loans carrying triple-digit interest rates, consumers can find themselves trapped in a cycle of debt, paying for gifts long after the holiday spirit has faded.
Today, the Office of the Comptroller of the Currency (OCC) announced its intention to offer national charters to financial technology firms, which could severely undermine state oversight and state consumer protection laws that protect consumers and small business owners from abusive financial products and practices. The OCC is accepting comments on its framework until January 15, 2017.
The Washington D.C. Circuit Court of Appeals issued a ruling against the Consumer Financial Protection Bureau (CFPB) in PPH Corporation v. CFPB, a case dealing with the CFPB’s ability to order New Jersey mortgage-lending company PPH to pay a $109 million enforcement penalty after the corporation was found offering illegal kickbacks to mortgage insurance partners.