Lenders and Consumers Agree on the Benefits of Alternative Data
← Previous Article Next Article → Credit reporting has changed substantially over the years. Compared to the past when lenders rarely used anything other than traditional credit reports, the majority of lenders today use alternative data when making a...
CFPB Delays Compliance Date for the Underwriting Provisions of the Small-Dollar Rule
← Previous Article Next Article → The Consumer Financial Protection Bureau (CFPB) announced earlier today that it would extend the compliance date for the mandatory underwriting provisions (i.e. ability-to-repay standards) of the Small-Dollar Rule, also...
Consumer Complaints Rise at CFPB
← Previous Article Next Article → People submitted more complaints to the Consumer Financial Protection Bureau’s (CFPB) Consumer Complaint Database in 2018 than in any previous year, according to a report by the U.S. Public Interest Research Group (U.S....
Federal Regulators Nearing Consensus on CRA and Small-Dollar Lending
← Previous Article Next Article → Late last week, Jelena McWilliams, chairman of the Federal Deposit Insurance Corporation (FDIC) indicated that federal regulators would soon propose changes to the Community Reinvestment Act (CRA) and small-dollar lending...
Recent OCC Report Highlights Potential Fintech Risks
← Previous Article Next Article → The Office of the Comptroller of the Currency (OCC) recently released their Semiannual Risk Perspective report. The report focuses on current issues that could pose a risk to bank safety and compliance in the future. A...
CFPB’s Spring 2019 Rulemaking Agenda Sheds Light on Regulatory Priorities
← Previous Article Next Article → The Consumer Financial Protection Bureau (CFPB) published its Spring 2019 rulemaking agenda on May 22, 2019. The agenda mentioned significant regulatory matters that the CFPB intends to have under consideration from May 1,... Battle Brewing over CFPB’s Authority to Monitor MLA Compliance
← Previous Article Next Article → Does the Consumer Financial Protection Bureau (CFPB) have the authority to monitor compliance with the Military Lending Act (MLA)? Senate Democrats insist that it does, but CFPB Director Kathy Kraninger believes it does not....
Settlement Reached in Choke-Point Suit
← Previous Article Next Article → According to a court filing last week, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have reached a deal with several payday lenders that could spell the end of a...
