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ARTICLE · 29 SEPTEMBER 2015

CFPB Refuses To Use Florida Payday Lending Rules As Federal Model

Troutman Pepper Locke LLP
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Previously, Florida regulators had contacted Cordray via numerous letters requesting the CFPB's consideration of their state law as a federal regulatory option.

United StatesConsumer Protection
Scott Kelly
Scott Kelly
Michael Lacy
Michael Lacy
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On September 10, Consumer Financial Protection Bureau Director Richard Cordray refused an appeal by members of Florida's congressional delegation and the state's top financial regulator to use Florida's payday-lending rules as a model for planned federal regulation. According to one source, Cordray indicated in a private meeting that he disagreed with certain aspects of Florida's law, including the number of loans that borrowers could obtain in a one-year period.

Previously, Florida regulators had contacted Cordray via numerous letters requesting the CFPB's consideration of their state law as a federal regulatory option. In March 2015, the CFPB proposed its own payday rules which, among other things, prohibit borrowers from obtaining multiple loans at the same time, limit the interest rates that payday lenders could charge, and require lenders to assess borrowers' ability to pay.

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