What Should a Subprime Lender Do to Prepare for the Small Dollar Loan Rule (SDLR)?
Imagine a regulatory storm that could shutter one in three subprime lenders by 2026 unless they act decisively before March 30, 2025. The CFPB’s Small Dollar Lending Rule isn’t merely a compliance checkbox; it’s a seismic shift in how America’s $50B high-risk credit market operates. For lenders who survive this upheaval, there’s profit. For those who […]
Subprime Lenders, Beware: Why a Defunct CFPB Might Strike Harder Than You Think
Despite the CFPB’s sudden defunding and the current lull in regulatory enforcement, subprime lenders should view this as a brief reprieve rather than a permanent victory. The Small Dollar Rule and its core consumer protection provisions could be reactivated at any time, either through a revived CFPB or another federal authority stepping into the void. […]
Subprime Lender Enova fined $15MM by CFPB for “widespread illegal conduct”
Enova International: Examining Regulatory Compliance and Industry Impact Introduction In the competitive world of fintech, compliance with regulatory standards is pivotal in establishing trust and maintaining operational integrity. The recent developments involving Enova International and the Consumer Financial Protection Bureau (CFPB) highlight the complexities and consequences of regulatory adherence in the financial technology sector. Enova’s […]
CFPB: Big Win for Consumers & Lenders – Mandatory Underwriting Provisions Rescinded!
The Consumer Financial Protection Bureau [CFPB] today issued a final rule concerning small-dollar lending in order to maintain consumer access to credit and competition in the marketplace. The final rule rescinds the mandatory underwriting provisions of the 2017 rule after re-evaluating the legal and evidentiary bases for these provisions and finding them to be insufficient.
Single Director Structure of Dodd-Frank Act Held to be Unconstitutional
FISCA MEMBER ALERT [If you are not a member, join here: FISCA GREAT NEWS for Our Industry! U.S. SUPREME COURT RELEASES RULING IN SEILA LAW, LLC VS. CFPB Single Director Structure of Dodd-Frank Act Held to be Unconstitutional Today the U.S. Supreme Court announced its decision in Seila Law, LLC vs. CFPB, a case in which a […]