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国际资讯监管与政策

发薪日贷款新规出台,CFPB监管新动作引发关注

发薪日贷(Payday lending)相关最终规定即将出炉,然而《华尔街日报》周日的报道却认为该规定并不如预计般重创借贷业。美国消费者乐天堂娱乐保护局(Consumer Financial Protection Bureau,后文简称CFPB)似乎正在酝酿可削减规定范围的提案。

新规定并未包括所有短期借贷,而是侧重为期两周左右的小额贷款。其中较为人熟知的是发薪日贷,此类贷款与为期45提案左右的分期贷款似而不同。

发薪日贷与分期贷款成本均十分高昂,此两种贷款年利率可迅速升至三位数,但在CFPB看来,发薪日贷更为恼人。CFPB意欲在新局长上任前立案并敲定规定,发薪日贷因此成为其焦点。

新规定

某位发言人证实审查与发布公开评论工作几近完成,然而CFPB却仍未就规定内容发布官方评论。此迹象似表明规定制定程序接近尾声。

未具名消息源亦表明该新规定其他掌控银行的平级联邦监管机构的评审,如通货审计官办公室(Office of the Comptroller of the Currency,OCC)与联邦存款保险公司(Federal Deposit Insurance Corporation,FDIC)。OCC与FDIC均未发表官方评论。

美国社区乐天堂娱乐服务协会(Community Financial Services Association of America)是发薪日贷款行业主要的产业组织,其首席执行官Dennis Shaul表示:“我们随时都在等待新规定的出台,规定制定程序已取得相当进展。”

发薪日借贷业就新规定表达了忧惧,并极力游说反对这一规定。借贷结构抱怨称,CFPB的提案将使发薪日贷领域85%的企业突然之间被挤出市场。虽然出台新规定可能本就有此意,业界代表指出,创制近乎无企业可跨越的监管障碍,导致发薪日贷款事实上非法,将使申请发薪日贷款的越1000万到2000万人无法享受信用服务。

数据显示,使用发薪日贷的人群是为满足支付账单、修理汽车等需要。就算短期现金贷业每年所发放约400亿美元的贷款被突然抽离,这一资金需求自然不会随之消失。这就意味着消费者很有可能转向非法或黑市借贷,此类机构的收账手段通常可笔一般发薪日接待机构要强硬得多。

支持对发薪日贷进行监管的人士驳斥称,借贷机构故意以“债务陷阱”的方式将贷款加诸于消费者之身,迫使其频繁续借、延期,不断升级收费。

据新规定相关最新消息,发薪日贷需评估借款人的偿还能力,还需面临贷款转期延期频率的限制。

目前各方推测CFPB将推短期借贷规定,监管发薪日贷款结构,推行极短还款时间。有消息方认为,CFPB将另行发布规定,管理长期借贷市场。长期借贷呢市场相关规定影响银行与信用机构等较大范围借贷机构,可能需更为复杂。

目前反馈

World Acceptance Corp与OneMain Financial是小额私人借贷机构,但其贷款分期偿还,周期较长。这类企业就拟出台的新规定更为雀跃。

分期贷款机构American Financial Services Association的首席执行官 Chris Stinebert表示:“CFPB的规定是对我们多年来所做之事的认证,即传统分期贷款对消费者有益。”

反对短期借贷的消费者监管机构亦支持对个人借贷实行两段法。

U.S. PIRG的联邦消费者主管Ed Mierzwinski说道:“我认为这是一项重大进步。如果我们能牵行业一发而不累及行业整体,何乐而不为?”

有人称针对短期借贷的规定可能面临诸多问题。即便解决这些问题,也需协同一致,就如推翻CFPB新近的仲裁规则所作的那样。《国会评审法案》(The Congressional Review Act)给予了国会推翻CFPB规定的权利(在一定期限内),该权利不仅可使规定无法生效,还可让其在未来数年不制定相关规定。

若规定成型生效,拟于明夏上任的CFPB下任领导人可决定是否实施该法案。

发薪日贷与CFPB交手的10个月漫长艰难,源未结束。

我们将持续对此进行报导。

The final payday lending rules are coming, but reporting by The Wall Street Journal over the weekend suggests that they may not take quite the toll on the lending industry as once thought. The Consumer Financial Protection Bureau (CFPB), it seems, is considering proposals that would scale back the rule’s scope.

Instead of casting the net very, very wide to include all short-term lending in total, the new rule will instead focus on small-dollar loans with a term of about two weeks. Known more commonly has payday loans, these loans are differentiated from a similar product,?installment loans, which tend to last for 45 days or more.

Both loans carry high costs — annual interest rates for both payday and installment loans quickly run into the triple digits — but the payday variety is what has earned more of the CFPB’s ire. It’s also become their focus as they are hoping to get legislation in and finalized before a new director takes over.

The New, New Rule

The CFPB has no official comment on the rule’s content, though it has been confirmed through a spokesperson that the process of reviewing and publishing public comments is nearly complete. That tends to indicate the rule-making process is winding to a close.

Unnamed sources also indicate that the new rule is also being peer-reviewed by the other federal regulatory bodies that control banking: Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp (FDIC). Both the OCC and FDIC have made no official comment.

“We are expecting the rule anytime,” said Dennis Shaul, chief executive of the Community Financial Services Association of America, the primary industry group for payday lenders. “They are very far along in their process.”

The payday lending industry has expressed trepidation about the new rule and has lobbied hard against it. Lenders complain that the legislation as proposed by the CFPB would push as many as 85 percent of the firms in the payday lending business out of the market overnight. And while that might be the goal, making payday lending de facto illegal by creating regulatory hurdles that almost no lender can clear, industry representatives note, leaves the roughly 10 million to 12 million people who take out payday loans without access to credit.

Those borrowers, the data has shown, are borrowing to meet needs like bill payments and car repairs. If the $40 billion or so a year lent out by the industry suddenly disappears, there is no reason to think the need for those funds will disappear along with it, which means consumers may well be driven to illegal and black market lenders, whose tactics for collection are usually a good deal harsher than the average payday lender’s.

Advocates of payday lending regulation have shot back that the lenders themselves push loans onto consumers in such a way that they are designed to become “debt traps” that force frequent renewals and rollovers and an ever-escalating menu of fees.

As of the last known iteration of the plan, payday lenders would be required to assess a borrower’s ability to repay. They would also face limits as to how often a loan can be rolled over.

The operating speculation now is that the CFPB will roll out short-term lending rules that cover payday loan structures with extremely short repayment times. Sources believe the CFPB may issue a separate rule to address the longer-term loan market. Those rules might well need to be more complex, as they affect a larger range of lenders, including banks and credit unions.

The Feedback So Far

Firms such as World Acceptance Corp. and OneMain Financial — which are small dollar personal lenders, but their loans are repaid over a long duration via installments — are more than a little elated over the prospects of such a rule change.

“Th[at] would be a validation by the CFPB of what we’ve been demonstrating for years: that traditional installment loans are beneficial to consumers,” said Chris Stinebert, chief executive of the American Financial Services Association, a trade group for installment lenders.

Consumer watchdog groups — opponents of short-term lending — have also backed a two-stage approach to personal lending.

“I think it’s a major step forward,” said Ed Mierzwinski, federal consumer director at advocacy group U.S. PIRG. “If we can rein in one part of the industry but not the other, why not?”

Some say a rule focused on short-term loans could face problems. Even passed, it could face the same kind of concerted effort at overturning that the CFPB’s recent arbitration rule now faces. The Congressional Review Act gives Congress broad powers to strip CFPB rules (within a certain time frame), which not only stops the rule from going into effect, but also blocks future rule-makings for the next several years.

If the rule survives and becomes effective, the CFPB’s new leadership, which will be taking up residence next summer, could decide not to enforce it.

Payday lending has had a long and difficult 18-month journey with the CFPB, one that is not nearly over yet.

We’ll keep you posted on the progress.


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