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 […]

The White House: Fact Sheet Released on President Biden’s Executive Order on Ensuring Responsible Development of Digital Assets

Outlines First Whole-of-Government Strategy to Protect Consumers, Financial Stability, National Security, and Address Climate Risks Digital assets, including cryptocurrencies, have seen explosive growth in recent years, surpassing a $3 trillion market cap last November and up from $14 billion just five years prior. Surveys suggest that around 16 percent of adult Americans […]

SBA: Business Forward and SBA Launch the “Small Business Digital Alliance”

New Venture Will Convene Major Tech Companies, Players to Provide Small Businesses Free Access to Tools to Expand E-Commerce Footprint Today, the U.S. Small Business Administration (SBA) and Business Forward, Inc., a non-profit organization working with small business leaders in support of policies promoting America’s economic competitiveness, announced the launch of the Small Business Digital […]

OCC: SoFi Bank, National Association Conditionally Approved for Full Service OCC Bank Charter

The Office of the Comptroller of the Currency (OCC) today conditionally approved applications from Social Finance Inc. (SoFi) to create SoFi Bank, National Association (SoFi Bank, N.A.), as a full service national bank headquartered in Cottonwood Heights, Utah. As part of the transaction, SoFi Bank, N.A. will acquire Golden Pacific […]

CFPB: Inquiry Opened into “Buy Now, Pay Later” Credit

Buy Now, Pay Later Expected to Set New Records for Lending this Holiday Season Today the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The orders to collect information on the risks and benefits of these fast-growing loans […]

CFPB: Tech Giants Ordered to Turn Over Information on their Payment System Plans

Orders will help CFPB monitor for data surveillance, access restrictions, and other consumer protection risks as payments technologies and markets evolve Today, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to collect information on the business practices of large technology companies operating payments systems in the United […]

ABA: New Accenture and ABA Report on State of Digital Lending Provides Roadmap for Digitial Transformation at Banks

A new report released today by the American Bankers Association and Accenture provides a roadmap to help bankers speed up their ongoing digital transformations to meet rising customer expectations for hybrid experiences, bridging online and person-to-person options. The report, titled “The State of Digital Lending,” includes key considerations for banks, including how […]