Consumer Financial Protection Bureau

CFPB finalises small-dollar lending rule

After five years and more than a million comments on its proposed rulemaking, the CFPB has finalised its payday lending rules with the ability-to-repay test intact for many loan types.

Will the CFPB’s Proposed Six-Month Effective Date Extension Be Enough?

In a Notice of Proposed Rulemaking, the CFPB proposed pushing back the effective date of the final prepaid accounts rule to April 1, 2018. The six-month delay provides industry participants more time to handle the difficulties of complying with certain provisions of the rule and for the CFPB to assess whether any additional adjustments to the rule are appropriate. Comments are due by April 5, 2017.

Dwolla docked dollars for its data security

US payments start-up Dwolla has been fined $100,000 by the Consumer Financial Protection Bureau (CFPB) for its data security. Data security issues included: “Use appropriate measures to identify reasonably foreseeable security risks; ensure that employees who have access to or handle consumer information received adequate training and guidance about security risks; use encryption technologies to […]