Controversy and Criticism Surrounds California Bill to Cap Interest Rates
← Previous Article Next Article → The California Assembly, led by Assemblypersons Monique Limon and Tim Grayson, passed AB-539 on May 23, a state bill that would cap interest rates at 36 percent on loans more than $2,500. Controversy and criticism have...
APR Caps Often Have Unintended Side-Effects
← Previous Article Next Article → Earlier last year, economists from the World Bank published a report entitled, “Interest Rate Caps: The Theory and the Practice.” It finds that capping interest rates not only reduces average lending rates, but often has...
CFPB Aims to Clarify “Abusive” Standard in UDAAP
← Previous Article Next Article → The Consumer Financial Protection Bureau (CFPB) announced yesterday that it will hold its first symposium on June 25 in Washington, D.C. where discussion will focus on abusive acts or practices under the unfair, deceptive,...
Banks and Credit Unions Seek Fintech Partnerships
← Previous Article Next Article → According to a new report, a majority of bank and credit union executives believe that partnerships or collaborations with fintech firms are important in 2019, especially in the areas of digital account opening, payments,...
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...
