Calif. Regulator Not Alone In Consumer Lending Concerns

Law360 (September 3, 2019, 4:22 PM EDT) -- California nonbank consumer lenders are moving away from small-dollar, short-term payday loans and are embracing longer-term installment loans with amounts over $2,500 to avoid interest rate caps. According to the California Department of Business Oversight, this was the takeaway from reports it issued on Aug. 8 about two key lending laws: the California Financing Law, or CFL, and the California Deferred Deposit Transaction Law, or CDDTL, often called the payday lending law.

What Happened

According to a press release about the reports quoting DBO Commissioner Manuel P. Alvarez, the movement away from payday loans “underscores the need to focus on the...

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