- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Plunging itself into yet another industry-led political battle, the CFPB has finalized new payday lending rules. It will require that lenders determine upfront whether customers can afford repayment.
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The CFPB this week both cracked down on a law-breaking payday lender and announced an effort to weaken 2017 rules meant to hold small-dollar lenders to greater oversight and scrutiny.
Ohio-based Fifth Third Bank will pay $20 million in penalties to the Consumer Financial Protection Bureau for allegedly opening fake bank accounts and wrongfully repossessing customers’ vehicles.
During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves.
