Tagged: cfpb

Trump-Appointed Consumer Protection Chief Recommends Crypto-Regulatory ‘Sweet Spot’

Consumer Financial Protection Bureau (CFPB) Chief, Mick Mulvaney, called for balanced regulation of ‘financial technology’ markets Wednesday at the Future of Fintech conference in New York, Coindesk reports: “We knew at an early point in Bitcoin that as with any developing financial technology we needed… Read More

Changes at the Consumer Financial Protection Bureau: Acting Director Mulvaney Calls for Review

The passing of the baton from former Consumer Financial Protection Bureau (CFPB) Director Richard Cordray to acting Director Mick Mulvaney was rife with confusion and questions all driven by parochial politics. In a snub to the President’s prerogative of appointing a new Director, Cordray decided to… Read More

Richard Cordray Tells CFPB Staff Leandra English is Acting Director. President Trump Appoints OMB Director Mick Mulvaney as Acting Director. So Who Wins ?

The Consumer Financial Protection Bureau (CFPB) has endured a stormy odyssey in its short tenure as the newest federal bureaucracy in Washgton, DC. Yesterday, the storm strengthened as outgoing Director Richard Cordray selected Leandra English to lead the CFPB as Acting Director. In a one-two punch,… Read More

Beyond the CFPB Principles: What’s to Come in Consumer Data Sharing

  On October 18, the Consumer Financial Protection Bureau (CFPB) issued a set of principles on consumer-authorized data sharing and aggregation intended to safeguard consumer interest as the data sharing market continues to develop in the US. As a financial data company providing account aggregation,… Read More

CFPB Guns for Think Finance. Files Suit Alleging Consumer Deception in Repaying Loans Not Legally Owned

The Consumer Financial Protection Bureau (CFPB) has filed suit in federal court against Think Finance, a Fintech that leverages its technology to power online lending platforms. Think Finance provides software technology, analytics, loan servicing, and marketing services. The CFPB says the suit was filed for… Read More

Richard Cordray to Step Down as CFPB Director By the End of November

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), announced he would be stepping down from his position by the end of November. Prior to joining the Bureau, Cordray served as Ohio’s Attorney General and is notably the first director of the CFPB.  Cordray… Read More

Lend360: A New Era in Online Lending

I arrived in Dallas, Texas, the night before 2017’s Lend360. A conference catering to lenders, investors and vendors in the online lending space. It started out as OLA (Online Lenders Alliance) a number of years ago. Next year, Lend360 will take place in Chicago, one… Read More

CFPB Issues Principles for Financial Data Sharing in a Data Driven World

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The Consumer Financial Protection Bureau (CFPB) has published principles for data sharing and aggregation regarding individual consumers. As data become ubiquitous there is a looming concern about who owns or controls personal information. In an age of rampant cybersecurity issues, setting guidelines for what banks… Read More

Acting Comptroller of the Currency Keith Noreika Hammers CFPB Arbitration Rule

Keith Noreika, acting Comptroller of the Currency, published an Op-Ed in the Hill on Friday that hammered the Consumer Financial Protection Bureau’s (CFPB) decision to push forward an updated rule on arbitration clauses for financial service firms. At the time the ruling was announced, CFPB… Read More

Here is the No Action Letter by the CFPB Regarding Upstart’s Request

The Consumer Financial Protection Bureau (CFPB) has issued its first no action letter to online letter Upstart. At the time of the request by Upstart, the online lender had facilitated over 80,000 loans totaling over $1 billion ranging from $1,000 to $50,000 with a term of… Read More

Did Lending Just Change for Good?

Bank lending regulations have rarely been thought of as dynamic or exciting but last night’s ruling by the Consumer Financial Protection Bureau (CFPB) to allow a lender to begin using alternative data in their underwriting could herald the beginning of a new era in lending… Read More

OCC Challenges CFPB on Arbitration: “Rule may adversely affect the institutions within the federal banking system and their customers”

Acting Comptroller of the Currency Keith Noreika is out with a statement on the controversial Consumer Financial Protection Bureau’s (CFPB) rule on arbitration agreements.  The CFPB announced a final position on Arbitration clauses with certain financial service firms and consumers. The rule has been criticized as… Read More

House Republicans Introduce Bill to Challenge Controversial CFPB Rule on Arbitration

Republicans members on the House Financial Services Committee have introduced legislation (H.J. Res 111) designed to nullify a controversial rule published by the Consumer Financial Protection Bureau (CFPB). The resolution is cosponsored by all 34 Republican Members of the Financial Services Committee and mirrors a resolution… Read More

CFPB Ruling on Arbitration May “Transfer Wealth from Consumers to Wealthy Attorneys”

The Consumer Financial Protection Bureau (CFPB) announced a new rule to ban financial companies from using mandatory arbitration clauses. The CFPB said these rules have denied people their day in court. Many consumer financial products like credit cards and bank accounts have arbitration clauses in… Read More

CFPB Investigates Availability of Loans for Small Business in RFI

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

CFPB Sues Four Online Lenders Operated by a California Indian Tribe

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

Congressman Patrick McHenry Slams CFPB, Labels Project Catalyst a Failure

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

Harvard Kennedy School Study Recommends P2P Marketplace Policy Overhaul

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

Financial Innovation Now Tells CFPB to Examine, Not Regulate, Consumer Access to Digital Financial Records

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

What to Watch For in Marketplace Lending During 2017

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

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