January 31 2025

Payday Lending: What the CFPB’s Proposal Would Mean

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The CFPB's move could deal the payday loan industry a "crushing blow" and create "credit deserts" for Americans who don't have access to traditional banking. The CFPB's proposal would limit lenders to making a single loan of up to $500, but only to borrowers with no other outstanding payday loans. If the borrowers want more, it would require lenders to follow a complex set of underwriting rules. The rules would apply only to consumer loans with an APR of higher than 36%. There are other exemptions the ICBA appreciates. CBA, on the other hand, says the CFPB "whiffed." [10/6/17]

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Complaints: Why you shouldn’t shun them, but invite them! In this era of exploding complaint volume, this certificated webinar (see instructions in video for how to get your free certificate of completion) takes a look at the risks, evolution, and need for a management strategy to effectively deal with complaints. Before that, we cover what’s hot in compliance, as seen by the editors of Risk InboX. This week’s hot items: 1) HUD cancels Obama era Fair Housing rule; 2) “HMDA” for boards and management; and 3) CFPB has added a new dimension to its complaint database. Click here to watch now.

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