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Enforcement actions from the Consumer Financial Protection Bureau under its new director are likely, according to senior executives at the American Financial Services Association.
Danielle Fagre Arlowe and Celia Winslow, senior vice presidents at AFSA, said state and federal scrutiny in the automotive finance industry will sharpen under Democratic leadership. Their remarks were made during a Tuesday presentation at the organization s virtual conference. The CFPB is going to pick up exactly where it left off with [former director Richard] Cordray, Winslow said. There s going to be a renewed determination to get back to its roots, but possibly, [there will] be a little bit more of a focus on enforcement.
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click to enlarge Unsplash / The New York Public Library Among the flurry of bills passed in the five-day January lame duck session in Springfield was the Predatory Loan Prevention Act, a measure that would cap interest rates for consumer loans under $40,000 such as payday loans, installment loans, and auto title loans at 36 percent. These types of loans often trap consumers in cycles of debt, exacerbate bad credit, lead to bankruptcy, and deepen the racial wealth gap. Some 40 percent of borrowers ultimately default on repaying such loans. The new regulation was in a package of bills advanced by the Legislative Black Caucus as part of its four pillars of racial justice reforms in economic policy, criminal justice, education, and health care.
Federal Activities:
On January 22, in response to President Biden’s COVID-19 Economic Relief Executive Order, the U.S. Department of the Treasury announced that it would create an online tool to assist households in obtaining stimulus payments. For more information, click
On January 20, the Biden administration issued a
memorandum to federal agencies and executive departments that places a regulatory freeze on reviewing new or pending rules. One rule recently finalized and currently pending is the Office of the Comptroller of the Currency’s rule on access to banking services provided by national banks, federal savings associations, and federal branches and agencies of foreign bank organizations. For more information, click
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World Finance recommends steps toward financial recovery in 2021
GREENVILLE, SC / ACCESSWIRE / January 15, 2021 / Half of Americans consider 2020 a financial disaster and 63% say the year permanently changed their financial priorities, according to recent research commissioned by World Finance. With 2021 underway, it s the perfect time to be sure personal financial goals will support a more secure financial future, says the finance company. January is the time to reflect, learn, plan and act to ensure you are further ahead at the end of the year. This year was challenging for many, even with stimulus fund support, but there are resources available to help make this year more promising, said Chad Prashad, president and CEO of World Finance, a people-focused finance company that provides personal installment loan solutions and personal tax preparation services.