CFPB Monitor
SEPTEMBER 10, 2020
Thereafter, “using its existing lending operations and personnel, LoanMart commenced ‘marketing’ and ‘servicing’ auto title loans purportedly made by CCBank, a small Utah-chartered bank operating out of Provo, Utah.” The DOB indicated that such loans have interest rates greater than 90 percent.
CFPB Monitor
AUGUST 14, 2018
On August 10, the New York Times reported that Mick Mulvaney, the CFPB Acting Director, intends to dispense with routine supervisory examinations of creditors for violations of the Military Lending Act (MLA). We agree with Acting Director Mulvaney that the CFPB lacks statutory authority to examine creditors for MLA compliance.
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PYMNTS
AUGUST 14, 2018
Changes may soon be coming to the Military Lending Act (MLA), a piece of legislation designed to prevent military service members from getting swept up in deceptive or unfair lending practices. The product causing concern on the auto lending side of things is gap insurance. New Lending Rules .
PYMNTS
NOVEMBER 1, 2017
State and federal regulators, including the Consumer Financial Protection Bureau (CFPB) are working to hold marketplace lending platforms accountable to usury law compliance, the publication noted, under the argument that the platforms are the true lenders.
Bank Innovation
SEPTEMBER 18, 2017
The charter, submitted to the State of Utah last June, would give the online lender the ability to collect deposits insured by the […].
American Banker
FEBRUARY 26, 2016
The nation's largest marketplace lender announced changes Friday to its partnership with Utah-based WebBank. The revisions are designed to preserve Lending Club's ability to ignore state interest rate caps.
CFPB Monitor
SEPTEMBER 21, 2015
Kukla, Senior Vice President, Center for Responsible Lending, Durham, N.C. Allen, Chief Compliance Officer, Bank of American Fork, American Fork, Utah. Quick, Vice President of Compliance, First Hope Bank, N.A., O’Connor, Senior Vice President, Lending and Operations, Community America Credit Union, Shawnee Mission, Kan.
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