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In a rare moment of bi-partisan agreement, House members sent the CFPB a letter last week to explicitly request the agency rethink some of its proposals to rein in payday lenders (and other providers of short terms loan offerings) as they fear the net result will be a drop in credit availability for everyone.
Consumer Financial Protection Bureau (CFPB) issued a new interpretation under the existing Truth in Lending Act. Before announcing this new interpretation — which will go into effect in two months — the CFPB spent more than two years investigating consumer complaints over disputed transactions.
Aiming to fill the void resulting from the Consumer Financial Protection Bureau’s retreat from regulation, states are stepping up and going after big financial companies. Under his charge, the CFPB has halted all new actions and started to walk back some of the stricter rules and enforcement against the financial services industry.
FTM has quickly established itself as a major player in the fintech event space filling the void of a large scale Q1 event. Now in its third physical edition, after launching online during the pandemic, it puts a focus on content, networking and deal-making. But while fintechs are pushing innovation, the regulatory backdrop remains murky.
If asked in September about what kind of year 2017 was going to be, CFPB officials most likely would have spoken mostly about their ongoing plans to make the world a better place for consumers. 8 when Donald Trump — an avowed opponent of Dodd-Frank, which gave the CFPB its life — actually won the White House. Dismantling Dodd-Frank.
Null and void. The Consumer Financial Protection Bureau (CFPB)’s much debated, loved and hated arbitration rule has been officially killed through the rule’s being struck from the Federal Register. Thus, it’s current status: Nullification. Through that conduit, regulators are prevented from enacting similar rules down the line.
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