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2023 Year in Review: Payday and Small-Dollar Lending | Goodwin

Welcome to the Payday and Small-Dollar Lending chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - . ....

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FINRA Provides Update On Social Media Influencers, Customer Acquisition And Related Information Protection - Social Media

In February, FINRA provided an update (Update) concerning the targeted exam (Sweep) launched in September 2021 to review firms' practices concerning customer acquisition through social media channels and the way firms share customer usage information with affiliates and non-affiliated third parties. ....

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'We're not the bad guys': SoLo Funds co-founder on accusations from state regulator

The state of Connecticut recently handed the small-dollar marketplace loan provider a cease-and-desist order, but Rodney Williams says his company is getting much-needed emergency funds into marginalized communities at a low total cost, and that the rules need to be rewritten. ....

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CFPB Focus on Payday Lending: A Look Around the Corner | King & Spalding

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With the change of administration in Washington, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) is widely expected to assume a posture of aggressive enforcement of consumer protection laws. One area that we anticipate will receive heightened scrutiny is payday lending, a form of lending that typically involves small, short-term loans at high interest rates. Under new leadership, the CFPB may seek to require that payday lenders assess a borrower’s ability to pay. And even absent such a requirement, the CFPB may pursue enforcement actions against lenders for lending that the CFPB considers “predatory” and/or “unfair,” and therefore putatively in violation of the Consumer Financial Protection Act of 2010 (“CFPA”). ....

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