On April 3, the CFPB issued a policy statement intended to provide “a framework to help federal and state enforcers identify when companies engage in abusive conduct.” Conduct violates the abusiveness standard when it either:...more
The Supreme Court has announced that it will hear a challenge to an October decision by a three-judge panel of the Fifth Circuit Court of Appeals holding that the CFPB’s funding mechanism is unconstitutional. The Court will...more
The CFPB recently updated its examination manual to, in Director Chopra’s words, “combat discriminatory practices across the board in consumer finance.” Under the CFPB’s revised manual, any discriminatory conduct that the...more
7/22/2022
/ Anti-Discrimination Policies ,
Banking Examinations ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Examination Manual ,
Fair Housing Act (FHA) ,
Financial Services Industry ,
FinTech ,
Marketing ,
UDAAP ,
Unfair or Deceptive Trade Practices
On December 14, 2021, Wheels Financial, LLC (d/b/a LoanMart) entered into a consent order with the California Department of Financial Products and Innovation (DFPI) in which the company agreed to end its lending partnership...more
1/26/2022
/ Banks ,
Consent Order ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Fair Access to Credit ,
Financial Services Industry ,
FinTech ,
Title Lender ,
Title Loans ,
True Lender ,
UDAAP
The “buy now pay later” (BNPL) market continued its trend of increasing valuations and consumer uptake through the end of 2021. BNPL’s popularity is largely due to its simple repayment terms and low cost relative to...more
Industrial bank charters continue to gain momentum with approval of Square’s charter; payments and tech companies have become interested in industrial banks lately since the FDIC started approving them after a moratorium from...more