Sahara Fragile

Main Menu

  • Home
  • Sahara desert
  • Namib desert
  • Kalahari desert
  • Savanna desert
  • Fragile States

Sahara Fragile

Header Banner

Sahara Fragile

  • Home
  • Sahara desert
  • Namib desert
  • Kalahari desert
  • Savanna desert
  • Fragile States
Fragile States
Home›Fragile States›CFPB discusses consumer finance data and sets priorities | Sheppard Mullin Richter & Hampton LLP

CFPB discusses consumer finance data and sets priorities | Sheppard Mullin Richter & Hampton LLP

By Christopher J. Jones
July 8, 2022
0
0

On June 15, the deputy director of the CFPB, Zixta Martinez, delivered a opening speech at the Consumer Federation of America’s 2022 Consumer Assembly. The Deputy Director focused on four key areas of consumer protection in her address:

Payday Loans: The CFPB released a research report in April focusing on payday loans and the state laws allowing payday lenders to operate. Only 16 of the 26 states that allow payday lenders to operate require/allow lenders to offer extended payment plans, according to the deputy director. The CFPB “will continue to assess payday loan and small loan practices” more generally, she said.

Rent-A-Banks: The Deputy Director has identified the evolution of the small dollar loan market as an area of ​​interest for the CFPB. According to the deputy director, small lenders can use their relationships with banks to evade state interest caps and licensing laws by pretending the bank is the lender in “rent-a-bank” programs. “. The CFPB “looks closely” at these devices.

Bank charges : Big banks penalize customers who can least afford it with complicated bank fees and overdraft practices that push families into deeper debt, the deputy director said. While smaller banks, credit unions and startups rely on business models that don’t use “operating penalties,” Martinez noted that it can be difficult for these companies to break into the industry. business and for customers to switch accounts – the CFPB seeks to promote “vigorous competition” in this area.

Medical debt and credit reports: Consumers with unpaid medical bills, in addition to their concerns about hospital and insurance bureaucracy, often worry about the impact of their medical debt on their credit. The CFPB is “looking at everything” to find solutions to the intersectional problem of medical debt and credit reports, the deputy director said, including assessing whether unpaid medical debts should be included in credit reports.

Put into practice : The Deputy Director’s remarks are an important indicator of the CFPB’s enforcement priorities. Of particular note is the suggestion that the Office might consider asserting claims against non-bank parties under “rent-a-bank” schemes. In addition, a change in the content included in credit reports would have significant implications for consumers and lenders.

Credit bureaus and credit report users have received considerable attention from the CFPB in recent months (we have already discussed this trend in previous blog posts here, hereand here). Today the CFPB published a Advisory opinion to ensure that companies that use and share credit reports and background reports have an authorized purpose under the FCRA. The new CFPB advisory notice makes it clear that credit reporting companies and users of credit reports have specific obligations to protect the confidentiality of public data. The Notice also reminds Covered Entities of potential criminal liability for certain misconduct.

Related posts:

  1. Hair transplant Turkey – ABC Money
  2. Corsair did their best, but I still don’t like opto-mechanical keyboards
  3. Payday Loans May Help You with Emergency Cash Requirements
  4. Amazon – Best-selling Amazon products in 2020 | Zoom Fintech

CATEGORIES

  • Fragile States
  • Kalahari desert
  • Namib desert
  • Sahara desert
  • Savanna desert

RECENT POSTS

  • E-commerce sales spike to record. Retail sales ex gas stations, ex car dealerships Go to record. Falling gas prices and shortage of new vehicles threaten these retailers
  • At least 15 migrants die in Libya’s Sahara Desert
  • You need to regulate how much you can actually afford to pay each month
  • NASA satellite sees dust plume from Sahara Desert over Atlantic Ocean
  • How much do you buy for real estate financing?

ARCHIVES

  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • February 2019
  • January 2019
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • October 2017
  • September 2017
  • August 2017
  • June 2017
  • May 2017
  • March 2017
  • January 2017
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • January 2016
  • November 2015
  • July 2015
  • May 2015
  • April 2015
  • January 2015
  • December 2014
  • October 2014
  • September 2014
  • June 2014
  • May 2014
  • January 2014
  • November 2013
  • October 2013
  • September 2013
  • April 2013
  • March 2013
  • November 2012
  • May 2012
  • October 2011
  • November 2010
  • April 2008
  • July 2006
  • November 2005
  • Privacy Policy
  • Terms and Conditions