WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models.
On Sept. 14, 2023, the CFPB issued updates to its FAQs to assist small business lenders and finance companies with complying with the final Small Business Lending Rule (the Rule) mandated by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The FAQs to the Rule cover the following topics: institutional coverage; covered credit transactions; definition of a small business; firewall; record retention.
Debt knows no generational bounds, yet the strain of financial obligations resonates differently among each age group. When it comes to debt burdens, though, Gen Xers stand out. In fact, Gen Xers have the highest average nonmortgage and mortgage debt of any generation — and their nonmortgage debt is growing.
PASADENA, Calif.--(BUSINESS WIRE)--Wescom Credit Union, on the heels of its Central Coast Federal Credit Union (CCFCU) merger news, has today announced that in addition to the eight Southern California Counties it currently serves, the Credit Union will now serve an additional thirteen counties in California.
Earlier last week, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses that would permit consumers to choose between arbitration and litigation only after a dispute has arisen.
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