The banking industry and consumer advocacy groups want regulators to ensure big tech companies operating payment-processing systems provide protections similar to those offered by the banking sector.
Dealing with the risks posed by the use of algorithms in marketing financial products and with institutions abusing their dominant market positions are some of the key priorities for the CFPB.
During a recent interagency webinar, representatives from eight federal regulators discussed fair lending issues, including initiatives to tackle redlining and how companies can self-regulate.
LendUp Loans agreed to a $100,000 settlement to resolve charges of repeated violations of fair lending laws. Two previous actions against the company yielded nearly $5 million in penalties and redress.
The National Consumer Law Center requested the CFPB institute rules that would help spread the word about the rental assistance program and protect consumers from negative consequences while they waited for relief funds.
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