Taking new keynote address last week at Consumer Federation regarding America’s 2022 Individual System, CFPB Deputy Manager Zixta Martinez revealed that the brand new CFPB “try providing a close look” on “‘rent-a-bank’ strategies.”

The brand new CFPB’s suit bankrupt the latest crushed from the saying UDAAP violations dependent with the CashCall’s perform to gather funds which were allegedly emptiness into the whole or perhaps in region around state law

” $255 payday loans online same day Georgia She stated that “loan providers through its rent-a-lender strategies possess unusually large standard pricing, and therefore boost questions relating to whether or not items put borrowers upwards to possess incapacity.” She reported that the fresh new CFPB’s individual issues database “reveals various other extreme consumer defense questions having specific funds associated with the lender partnerships.”