In 2017 the CFPB saw a ton of regulation and a battle for the successor to former director Richard Cordray; this coming year could be even more tumultuous as acting director Mick Mulvaney looks to undo many of the regulations Cordray put in place and the ensuing court battle over who is the rightful director; recent rule like the arbitration rule have been reversed and they payday lending regulation could be next to go; with a number of regulations in need or more clarity or a court decision the next 12 months could prove crucial for the future of the agency. Source.
Acting CFPB Head Mick Mulvaney said he thought the payday lending rule was too far along for the agency to change but that he supports a congressional rollback; the Congressional Review Act gives Congress 60 days to nullify a regulation; Mr. Mulvaney is currently involved in a dispute over whether or not he can run the agency on an interim basis and he said he anticipates staying for 5 to 7 months. Source.
The Curo Group targets underbanked consumers through WageDayAdvance in the UK and Speedy Cash in the US; they went public on Wednesday at $14 a share and were up more than 2.4 percent in their first day of trading; the former head of the CFPB led a Industry crackdown on payday lenders but new leadership points to those restrictions being lifted; the company charges about $25 per $100 borrowed and are backed by private equity group Friedman Fleischer & Lowe. Source.