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The Bureau issued a NAL to a national bank regarding certain small-dollar credit products offered by the bank on November 5, under the CFPB’s revised no-action letter (NAL) policy. As previously included in InfoBytes, in might, the Bureau approved a template responding to a request by a nonpartisan general public policy, research and advocacy team for banking institutions that will help depository institutions in providing a standardized, small-dollar credit item under $2,500 with a repayment term between 45 times plus one 12 months. The lender presented its application utilizing this template.
On top of other things, the NAL notes that the bank’s application includes (i) each https://nationaltitleloan.net/payday-loans-nj/ one of the “13 Guardrail Certifications” described into the template; (ii) a duplicate for the small-dollar credit product’s terms and conditions the lender promises to offer to customers; (iii) advertising materials meant to be employed to promote the item; and (iv) considerably similar customer advantages and customer dangers as described when you look at the advocacy teams’ template application. A duplicate associated with the bank’s application can be acquired right here.
Also, the Bureau circulated a Paperwork decrease Act (PRA) notice, addressing research efforts to “identify information that might be disclosed to consumers through the cash advance procedure to assist them to make better-informed decisions.”
California voters approve expanded privacy liberties
On November 3, California voters authorized a ballot effort, the Ca Privacy Rights Act of 2020 (CPRA), that expands from the California Consumer Privacy Act (CCPA). Some key provisions include while there are a number of differences between the CPRA and the CCPA
- Incorporating expanded customer liberties, such as the straight to correction while the straight to limit sharing of private information for cross-context behavioral marketing, whether or otherwise not for monetary or other consideration that is valuable. Read More
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