Tag Archives: Consumer Lending

Arizona Fintech Sandbox Begins Accepting Applications

Arizona recently became the first state in the U.S. to create a “regulatory sandbox” program to facilitate the development of innovative financial products and services. Such products would either incorporate new or emerging technology or reimagine uses of existing technology. The program would exempt participants from certain state financial regulations, but not federal requirements. On … Continue Reading

BCFP Enters Consent Order with Hydra Group

On August 10, 2018, the Bureau of Consumer Financial Protection announced that a federal district court in the Western District of Missouri approved a consent order in a case against a set of twenty corporate entities and two individual principals (collectively, “Hydra Group”). The BCFP alleged violations of the Consumer Financial Protection Act of 2010 … Continue Reading

Office of the Comptroller of the Currency Encourages Banks to Meet Consumer’s Needs for Short-Term, Small-Dollar Credit; BCFP Voices Approval

Yesterday, the Office of the Comptroller of the Currency issued a bulletin encouraging national banks and federal savings associations to make short-term, small-dollar installment loans that are both safe and affordable available to consumers. The bulletin observes that despite the need, many banks have withdrawn from this market, forcing consumers to turn to non-bank lenders. … Continue Reading
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