The Payday, Vehicle Title, and Certain High-Cost Installment Loans (Payday Loan) Rule has been unfolding for years. Parts of the rule officially took effect on August 19, 2019; the Consumer Financial Protection Bureau (CFPB) has delayed the underwriting rules until November 19, 2020, and has further proposed eliminating those rules altogether. The August 19 date has been temporarily postponed by a court order. Some lenders need to build a comprehensive compliance management system (CMS) to […]
Month: September 2019
$170 MILLION COPPA SETTLEMENT WITH GOOGLE AND YOUTUBE
The Federal Trade Commission (FTC) announced that Google LLC and its subsidiary YouTube, LLC have settled with the FTC and New York Attorney General over allegations that YouTube illegally collected personal information from children without their parents’ consent in violation of the Children’s Online Privacy Protection Act (COPPA). The complaint alleges the personal information collected was from viewers of child-directed channels in the form of persistent identifiers used to track internet usage, commonly known as […]
2018 HMDA DATA AVAILABLE
On August 30 the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on mortgage lending transactions at 5,683 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). The data include a total of 48 data points providing information about the applicants, the property securing the loan or proposed to secure the loan in the case of non-originated applications, the transaction, and identifiers. Many of the data points are available for […]