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ARTICLE · 26 APRIL 2016

Online Payday Lending Report Released By CFPB

Morrison Foerster
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The CFPB released a report entitled " Online Payday Loan Payments" ("Report") on April 20, 2016.

United StatesFinance and Banking
Ben Patterson
Ben Patterson
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The CFPB released a report entitled " Online Payday Loan Payments" ("Report") on April 20, 2016. The Report examined short-term, small-dollar loans (i.e., payday loans) originated by online lenders during an 18-month period in 2011 and 2012. The CFPB examined the costs that may be incurred in connection with online short-term loans due to overdraft or bank fees charged when borrowers have insufficient funds in their bank accounts. The Report was released in advance of the Bureau's anticipated proposed rule on short-term lending.

Summary of the Report's Findings for the 18-month period: Online borrowers were charged a mean total of $92 in overdraft and non-sufficient funds fees for ACH debits where they did not have sufficient funds to cover the previously authorized debts. Seventy-five percent of declined ACH debits were re-presented. As compared to accounts generally, checking accounts with one or more failed transactions from an online lender were more likely to

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