- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
A federal district court in the Western District of Missouri has approved a settlement between the CFPB and the owners of 20 interrelated corporate entities in the payday lending industry. The owners, it is alleged, illicitly accessed consumer bank accounts.
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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.
The CFPB has proposed the creation of a regulatory “sandbox” for testing and approving new approaches to financial product disclosures.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
