The Bureau issued a NAL to a national bank regarding certain small-dollar credit products offered by the bank on November 5, under the CFPBвЂ™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 bankвЂ™s application includes (i) each https://nationaltitleloan.net/payday-loans-nj/ one of the вЂњ13 Guardrail CertificationsвЂќ described into the template; (ii) a duplicate for the small-dollar credit productвЂ™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 teamsвЂ™ template application. A duplicate associated with the bankвЂ™s application can be acquired right here.
Also, the Bureau circulated a Paperwork decrease Act (PRA) notice, addressing research efforts to вЂњidentify information that might be disclosed to consumers through the cash advance procedure to assist them to make better-informed decisions.вЂќ
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