Alexandra Villarreal O’Rourke from McGuireWoods discusses Project Catalyst and the no-action letter program from the CFPB in a Let’s Talk Payments interview; the first no-action letter was issued to Upstart, a consumer lender in the US. Source
HMBradley’s new credit card offers awards that adjust to spending Google, CFPB Team On Housing, Mortgage Search ‘Experience’ A Seminal...
Open Banking is set to launch in Europe next month. As banks and fintech firms rush to ensure compliance we...
CFPB director Rohit Chopra was back in front of the senate banking committee Tuesday, where he brought his focus on fraud in the P2P payments space.
This month the CFPB announced a new rule aimed at payday lenders to prevent debt traps; Lend Academy outlines the new rules put in place and shares perspectives from several organizations in the short term loan space. Source
Some Americans are already receiving stimulus funds via direct deposit; however the reality is that many consumers still lack bank...
New CFPB chief’s memo to staff: Enforce law, but don’t presume guilt 2019 could be the year CRA deadlock ends...
CFPB Director Rohit Chopra made it clear that repeat offenders of consumer protection laws will face harsher penalties than ever before.
In October, CFPB Director Richard Cordray warned banks not to limit access to financial data by third parties working on behalf of the customer; now the bureau he leads is opening an inquiry into a data sharing dispute between banks and fintech companies; the inquiry is focused on consumer choice, security and control; the CFPB believes this will help banks and fintech companies better understand what the customer needs, how to accurately give the customer choice and security, and who ultimately owns the customer's data. Source
This week’s PeerIQ Industry Update covers 4th quarter GDP news, another round of bank earnings, the new SoFi CEO, fintech fundraising’s and the latest securitization trends; the new SoFi CEO was accepted positively across the market as the company looks to expand products in coming quarters; SoFi and Lending Club are looking at a busy quarter on securitization issuance and PeerIQ reviews their most recent deals; Streetshares secured a $23mn series B round led by Rotunda Capital; PeerIQ also took a deep dive into the key points of the recent letter CFPB Director Mulvaney circulated to staff about his vision for the bureau. Source.