CFPB: New Study Details the Rapid Growth of “Buy Now, Pay Later” Lending

Today, the Consumer Financial Protection Bureau (CFPB) published a report offering key insights on the Buy Now, Pay Later industry. The report, Buy Now, Pay Later: Market trends and consumer impacts, finds that industry grew rapidly during the pandemic, but borrowers may receive uneven disclosures and protections. The five firms surveyed […]

OCC: Research Solicited on Implications of Financial Technology for Banking

The Office of the Comptroller of the Currency (OCC) is soliciting academic-and policy-focused research on the impact of financial technology (fintech) entities and nonbanks on banking and the markets for lending, deposit-taking, and payment services through August 21, 2022. The OCC will invite authors of selected papers to present to […]

ABA: Brooke Ybarra Named as New Head of Office of Innovation

Brooke Ybarra has been named senior vice president of innovation and strategy at the American Bankers Association and will lead the group’s Office of Innovation. In this position, Ybarra will play a key role in helping ABA member banks keep pace with technological innovation by identifying promising startups and emerging […]

FHFA: Office of Financial Technology Announced

Agency issues request for information on the role of technology in housing finance The Federal Housing Finance Agency (FHFA) today announced the establishment of the Office of Financial Technology. This Office will serve as a centralized source of information to support FHFA in addressing emerging risks and advancing Agency priorities related […]

CFPB: Special Regulatory Treatment for Payactiv Rescinded

Termination Follows Request by Company in Order to Change its Product The Consumer Financial Protection Bureau (CFPB) issued an order today terminating Payactiv’s Sandbox Approval Order relating to its earned wage access products. The CFPB had given Payactiv special regulatory treatment, including as to liability under a relevant federal consumer […]

CFPB: Order Issued to Terminate Upstart Network from List of Approved No-Action Letters

Upstart requested termination of 2020 “no-action letter” to change its underwriting and pricing models Today, the Consumer Financial Protection Bureau (CFPB) issued an order to terminate Upstart Network from its list of approved “no-action letters.” The CFPB had granted special regulatory treatment to Upstart by immunizing the lender from being […]

CFPB: Agency Acts to Protect the Public from Black-Box Credit Models Using Complex Algorithms

Companies relying on complex algorithms must provide specific and accurate explanations for denying applications Today, the Consumer Financial Protection Bureau (CFPB) confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying an application for credit or taking other adverse actions, even if the creditor […]

CFPB: New Effort Launched to Promote Competition and Innovation in Consumer Finance

New Office Will Identify Obstacles for New Market Entrants The Consumer Financial Protection Bureau (CFPB) is opening a new office, the Office of Competition and Innovation, as part of a new approach to help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants. […]

findCRA’s President, COO & Co-Founder Invited to Discuss Fintech and CRA at Lendit Fintech 2022 in New York

findCRA’s President, COO, & Co-Founder, Brian Waters, will participate in a panel discussion with other Fintech and industry leaders at the annual LendIt Fintech conference in New York City next week. The panel will explore how the Fintech ecosystem has worked to achieve its perceived promise of financial inclusion and […]

CFPB: Agency Invokes Dormant Authority to Examine Nonbank Companies Posing Risks to Consumers

Bureau Seeks Comment on Updated Procedures The Consumer Financial Protection Bureau (CFPB) announced that it is invoking a largely unused legal provision to examine nonbank financial companies that pose risks to consumers. The CFPB believes that utilizing this dormant authority will help protect consumers and level the playing field between […]