Some Payday Lenders May Lose Their Access to ACH Network
December 2, 2013
Certain online payday lenders and other businesses deemed to present risks to consumers could find themselves banned from the Automatic Clearing House network, thanks to increased scrutiny from the CFPB and other authorities. Speaking before the Clearing House Annual Conference late last month, CFPB Director Richard Cordray invoked the bureaus mandate to subject nonbank entities to the same level of regulatory scrutiny as banking institutions. We now have the ability to examine participants in both the bank and nonbank segments of...