2018

June 4, 2018

On May 23rd, the federal Office of the Comptroller of the Currency (OCC) issued a bulletin encouraging banks to offer responsible short-term, small-dollar installment loans, typically two to twelve months in duration with equal amortizing payments, to meet the credit needs of consumers. Acknowledging the fact that many consumers turn to payday and auto-title loans from credit access businesses because banks have withdrawn from the short-term lending market, the bulletin represents a shift by the OCC to encourage its member institutions to compete with payday lenders using credit products with reasonable policies regarding the amounts borrowed, borrowing frequency, and repayment requirements.

Read the OCC Bulletin.

February 27, 2018

On February 22nd, the Austin Court of Appeals dismissed for want of jurisdiction The Money Store’s appeal of a Travis County Court opinion holding that the City of Austin’s payday lending ordinance is not preempted by Section 393.602(b) of the Texas Finance Code. The Court concluded that it could not hear the appeal under Texas Government Code Sec. 30027 because the municipal court did not convict The Money Store or impose a fine, and the county court at law did not affirm the municipal court’s judgment.

Read the Court’s Memorandum Opinion (PDF).

January 26, 2018