Live Breaking News & Updates on Task Force Calls For Fintech Licensing

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With the change of administration in Washington, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) is widely expected to assume a posture of aggressive enforcement of consumer protection laws. One area that we anticipate will receive heightened scrutiny is payday lending, a form of lending that typically involves small, short-term loans at high interest rates. Under new leadership, the CFPB may seek to require that payday lenders assess a borrower’s ability to pay. And even absent such a requirement, the CFPB may pursue enforcement actions against lenders for lending that the CFPB considers “predatory” and/or “unfair,” and therefore putatively in violation of the Consumer Financial Protection Act of 2010 (“CFPA”). ....

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