The Consumer Financial Protection Bureau (CFPB) continue to move on an increased number of policy changes and enforcement actions over the last month, prompting intense pushback from banks and industry executives. Efforts to extract hefty fines for non-compliance is sending a clear message to the financial services industry, many who are vowing to vigorously defend themselves in court.
Jessica Rodriguez spoke to the American Banker, stating that until now, fintechs did not consider that they would be subject to supervisory oversight. “Some of these providers are so new, it’s unclear whether they fall under the definition of offering a loan and the fear is it will increase the cost of compliance and could potentially lead to excessive oversight.” Read more here.
