article thumbnail

Trade groups take aim at CFPB’s expansion of UDAAP authority

CFPB Monitor

The four groups are the American Bankers Association, the Consumer Bankers, the Independent Community Bankers of America, and the U.S. The white paper concludes as follows: The CFPB’s action has tremendous implications for consumers, banks, and for financial markets at large. Chamber of Commerce.

Groups 145
article thumbnail

CFPB endorses MLA expansion

CFPB Monitor

To conduct its analysis, the CFPB identified a subset of accounts belonging to servicemembers that were part of the larger dataset used for the CFPB’s 2013 white paper on payday loans and DAPs. .” The CFPB’s report consists of two parts, the first of which focuses on deposit advance products (DAP).

FDIC 68