Anticipating Potential CFPB Enforcement Priorities as Agency Marks 10-Year Anniversary | Troutman Pepper jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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Since the inception of the Consumer Financial Protection Bureau (CFPB or Bureau), much debate has occurred over a key threshold question: how should regulators or lawmakers decide that a novel product constitutes a “lending product”? Is the product at issue in the bailiwick of banking or insurance regulators? Not only has the question (“is it credit”?) been unfolding recently in regards to potential regulation of fintech providers and certain earned wage access products, this classification question also often arises with respect to brick-and-mortar outlets, point-of-sale transactions, or products that have otherwise been around for some time, e.g., rent-to-own or pension-advance services and structured settlements.
Calling His Shots - Acting Director Shares His Vision for Aggressive CFPB | Hudson Cook, LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
Dallas Examiner
Momentum builds in state capitols and in D.C., to rein in predatory payday lending
As the nation and much of the world continue to suffer from the rippling effects of COVID-19, the ability of consumers to remain current on bills and expenses is steadily waning – if not already gone.
According to the Census Bureau’s Household Pulse Survey taken in early February, more than a third (34.9%) adults live in households where it has been somewhat or very difficult to pay usual household expenses during the coronavirus pandemic; and 30% expect eviction or foreclosure is likely in the next two months.
In its second lawsuit filed under Acting Director Uejio, the CFPB alleges that BrightSpeed Solutions, Inc. and its founder and former chief executive officer violated the Consumer.