The Latest on Enhanced Government Scrutiny Over Payday Loans/Deposit Advance Loans and Efforts to Stop Fraud by Cutting Off Access to Bank Payment- Processing Services: “Operation Chokepoint,” New Regulation, CFPB/FDIC/OCC Involvement,
Donn A. Randall
Bulkley, Richardson and Gelinas LLP
- The Regulators’ interest in payday lenders and deposit advance loans
- ‘Operation Choke Point’
- The DOJ’s activity
- The CFPB’s position
- FDIC and OCC involvement
- Dealing with usury issues with these types of loans
- Reducing the risk of predatory lending
- Possible negative effects of shutting out payday lenders