- 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.
Data brokers have been getting away with selling Americans’ personal and financial data without adequate protections, an illegal practice that a new rule proposed by the Consumer Financial Protection Bureau will intend to stop, CFPB Director Rohit Chopra said.
Big Tech digital payment apps will be subjected to increased oversight and requirements–similar to that of banks and credit unions–under a finalized rule by the Consumer Financial Protection Bureau.
