May 10, 2017 @ 4:35 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has initiated an inquiry into to best identify the financing needs of small businesses, especially those owned by women and minorities. The agency says that public information on this lending market is inconsistent and incomplete. The Request for Information… Read More

Read more in: Politics  |  Tagged cfpb, consumer financial protection bureau, rfi, richard cordray, small business lending

April 27, 2017 @ 2:11 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has sued four online lenders for collecting debt from consumers they allegedly did not owe. The four lenders include: Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc. – The suit… Read More

Read more in: General News, Politics  |  Tagged cfpb, lawsuit, online lending

April 27, 2017 @ 10:22 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) was created out of the ashes of the Great Recession. A knee jerk-reaction crafted by elected officials attempting to fix what went wrong, the controversial agency has since earned much criticism while having its structure deemed unconstitutional. At a… Read More

Read more in: Fintech, Opinion, Politics  |  Tagged cfpb, patrick mchenry, perspective, project catalyst

April 20, 2017 @ 5:22 am By Erin Hobey  |  

The proliferation of P2P marketplace, and most importantly online lending brings a competitive challenge for existing financial institutions that is here to stay. Its meteoric rise has provoked regulators around the world to deliberate on the new models of oversight needed to benefit consumers and… Read More

Read more in: Fintech, General News, Global, Opinion, Politics  |  Tagged cfpb, conference of state banking supervisor, consumer protection laws, equal credit opportunity act, ftc, marketplace-originated loans, marshall lux, martin chorzempa, p2p lending, p2p lending marketplace, regulations

February 21, 2017 @ 12:45 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB), launched an inquiry into consumers seeking access to their financial records.  At the time of the announcement, CFPB Director Richard Cordray stated; “Consumers should be able to use their financial records and account information and securely share access in… Read More

Read more in: Opinion, Politics  |  Tagged amazon, apple, cfpb, fin, financial innovation now, google, intuit, paypal

January 9, 2017 @ 9:05 am By Vincent Basulto  |  

Predicting what will transpire in the coming year is always challenging, particularly in relatively nascent and growing industries such as marketplace lending. While surprises are undoubtedly in store for 2017, indications are that certain trends—the growth of bank partnerships and industry consolidation—will continue and accelerate… Read More

Read more in: Crowdfunding Portals, Featured Headlines, Fintech, Opinion  |  Tagged cfpb, legal, lending club, marketplace, online lending, p2p, peer to peer, perspective, regulations, richards kibbe & orbe, vincent basulto

January 6, 2017 @ 4:59 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has announced several high level leadership changes within the Bureau. The positions announced today are: the Chief of Staff; the Chief Information Officer; the Chief Financial Officer; the Assistant Director of Consumer Lending, Reporting, and Collections Markets; and the… Read More

Read more in: Politics  |  Tagged cfpb, elizabeth reilly, jerry horton, john mcnamara, leandra english, paul kantwill, richard cordray

December 6, 2016 @ 3:04 pm By Jessica Pham  |  

Senior Fellow at Harvard Business School Karen Gordon Mills along with VP of Strategy at Fundera, Brayden McCarthy, have recently posted a working paper on SME lending. Mills is also the former Administrator of the Small Business Administration – a post she held during the Obama administration just… Read More

Read more in: Crowdfunding Portals, Featured Headlines, Fintech, General News, Politics  |  Tagged banks, brayden mcCarthy, cfpb, fdic, fed, ftc, harvard business school, karen mills, marketplace lending, regulation, sec, small businesses

October 24, 2016 @ 3:17 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has published a report on financial innovation. Entitled “Project Catalyst Report: Promoting Consumer Friendly Innovation”, the document is an effort to position the young regulatory agency as embracing changes in the financial industry that are deemed beneficial. The CFPB… Read More

Read more in: Fintech, Politics  |  Tagged cfpb, consumer financial protection bureau, project catalyst, richard cordray

October 11, 2016 @ 12:52 pm By JD Alois  |  

The Consumer and Financial Protection Bureau (CFPB) has been labeled “unconstitutional” by a federal appeals court.  The ruling addressed specifically the agency’s structure and the amount of control exercised by its director – currently Richard Cordray.  The ruling allows for the CFPB to continue to… Read More

Read more in: Opinion, Politics, Uncategorized  |  Tagged cfpb, dodd frank, jeb hensarling, legislation, regulation, richard cordray

October 1, 2016 @ 3:37 pm By JD Alois  |  

Brian Korn, a prominent attorney in the alternative finance sector, says the Consumer Financial Protection Bureau (CFPB) is on the offensive. Korn pointed to recent settlements with LendUp and CashCall as indicative of its aggressive approach towards financial service enforcement. At the end of 2013,… Read More

Read more in: Opinion, Politics  |  Tagged brian korn, cfpb, enforcement, perspective, regulation

September 30, 2016 @ 8:06 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has ordered LendUp to pay approximately $1.83 million in refunds and pay a civil penalty of $1.8 million. The enforcement action was taken as the “online lender did not help consumers build credit or access cheaper loans” as the… Read More

Read more in: Crowdfunding Portals, Politics  |  Tagged cfpb, enforcement, flourish, lendup, payday, richard cordray

September 2, 2016 @ 3:13 am By Erin Hobey  |  

In a decision filed in the U.S. District Court for the Central District of California, U.S. District Judge John Walter ruled in favor of the Consumer Financial Protection Bureau when he determined that the Californian online loan platform CashCall Inc. was the “true lender” behind the transactions… Read More

Read more in: Fintech, General News, Politics  |  Tagged cashcall, cfpb, j. paul reddam, john walter, joseph rodriguez, marketplace lending, tribal lending, u.s. district court for the central district of california, western sky

August 31, 2016 @ 7:15 am By JD Alois  |  

The US Consumer Financial Protection Bureau (CFPB) has filed a monthly complaint report for banks and other financial services. The monthly report uses a three-month rolling average, comparing the current average to the same period in the prior year. CFPB Director Richard Cordray commented on… Read More

Read more in: General News, Politics  |  Tagged banking, cfpb, consumer financial protection bureau

August 23, 2016 @ 8:47 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB)recently proposed banning arbitration regarding certain  consumer financial agreements and to allow the legal process to take hold in the case of a dispute. The CFPB posted the proposal this past May, outlined as follows: First, the proposed rule would… Read More

Read more in: Politics  |  Tagged arbitration, cei, ceij, cfpb, competitive enterprise institute, consumer financial protection bureau, iain murray, john berlau, legal

August 19, 2016 @ 2:07 pm By JD Alois  |  

The youngest financial regulatory agency of them all, the Consumer and Financial Protection Bureau (CFPB), has announced its new Advisory Board and Council Members. The CFPB, established under Dodd-Frank, was mandated to create these advisory boards and councils. While the various groups were represented by many… Read More

Read more in: General News, Politics  |  Tagged cfpb, consumer financial protection bureau, perspective

June 2, 2016 @ 2:58 pm By JD Alois  |  

The Consumer Financial Protection Bureau announced a proposed set of rules today designed to curtail abuses within the Payday lending industry. CFPB Director Richard Cordray released a prepared statement on the proposal explaining; “..our research has shown that too many of these loans trap borrowers… Read More

Read more in: General News, Politics  |  Tagged cfpb, elevate, jeb hensarling, kevin rees, payday, regulations, richard cordray

June 2, 2016 @ 8:12 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has proposed rules targeting the Payday lending industry requiring lenders to assure consumers have the ability to repay the loans.  The CFPB described the proposal as “ending payday debt traps.”  The rules would impact not just Payday lenders but… Read More

Read more in: General News, Politics  |  Tagged cfpb, consumer finance protection bureau, marketplace, payday, regulations, richard cordray

May 5, 2016 @ 3:57 pm By JD Alois  |  

  This past Tuesday (May 3rd), twenty members of Congress joined to ask the Secretary of the Treasury, Jack Lew, to tread lightly when it came to the emerging marketplace lending industry. The timing of bi-partisan missive is important as Treasury has announced it will… Read More

Read more in: Featured Headlines, Opinion, Politics  |  Tagged cfpb, jack lew, karen mills, larry summers, marketplace, p2p, peer to peer, regulation, treasury

April 22, 2016 @ 7:23 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) filed suit in federal court against co-founders who allegedly sold consumer loan applications without appropriate safeguards.  The loans were said to be sold containing sensitive personal data without assessing the sources of the leads nor the purchasers they sold… Read More

Read more in: General News  |  Tagged cfpb, david gasparyan, dmitry fomichev, enforcement, legal, t3leads