In opposing efforts by federal and state lawmakers to impose rate caps on small-dollar loans, industry representatives have pointed out the harm that a rate cap can create for consumers, particularly those with less than perfect credit, by reducing access to credit. These concerns are often dismissed by consumer advocates with the argument that banks and credit unions will increase their small-dollar lending if other providers leave the market due to interest rate caps.… Continue Reading
Five U.S. Senators have sent a letter to CFPB Director Cordray asking how the CFPB plans to address the problems with the CFPB’s internal controls and accounting systems identified in the Government Accountability Office’s report issued on May 21.
One of those problems was the absence of an agency-wide information security program for the information and information systems that support the CFPB’s financial reporting, operations, and assets. … Continue Reading