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Volume 29 - Number 16

August 6, 2018

Treasury Recommends CFPB Abandon Payday Lending Rule

The U.S. Treasury Department in a recent report urged the CFPB to rescind its payday lending rule because the states already have regulatory structures in place for the industry. “Treasury recognizes and supports the broad authority of states that have established comprehensive product restrictions and licensing requirements on nonbank short-term, small-dollar installment lenders and their products,” said the agency’s long-awaited report on fintech that was ...

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Who "owns" the mortgage customer that’s brought to a wholesale lender through a loan broker?

The broker. It’s his/her client.


The wholesale/table funder. They’re taking the financial risk.


The broker, but only for the first year. After that, the borrower is fair game.


Hard to answer. It’s a complicated issue.