Consistent with President Trump’s de-regulatory agenda, the Consumer Financial Protection Bureau (CFPB or Bureau) is withdrawing over five dozen of its guidance documents, including interpretive rules, advisory opinions, and...more
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
In September 2021, the CFPB took action against Better Future Forward, Inc. (BFF), a provider of student income share arrangements, and LendUp, an online, subprime consumer lender. In both cases, the CFPB alleged that the...more
10/22/2021
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
ECOA ,
Enforcement Actions ,
Financial Services Industry ,
Income Share Agreements ,
Student Loans ,
Subprime Loans ,
Unfair or Deceptive Trade Practices
In a recent line of enforcement actions, the Consumer Financial Protection Bureau (CFPB) has signaled that it will hold payment processors liable if the CFPB believes the processors know or should have known that transactions...more