On May 22, an installment lender disclosed in a securities filing that the CFPB recently withdrew a 2023 order designating the company for supervision. As previously covered by InfoBytes, the CFPB claimed special oversight over the installment lender by determining that the company posed a “risk to consumers” where the Bureau exercised its authority for the first time under Section 1024(a)(1)(C) of the CFPA. The Bureau had been supervising the company previously due to alleged risks to consumers stemming from misleading insurance practices and coercive collection methods. The installment lender is no longer under the supervisory authority of the CFPB, as the Bureau now considers such supervision inconsistent with its updated priorities.
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