CFPB closes CID investigation, declines enforcement action

Digital banking platform (unnamed) issued CID closure / enforcement decision affecting Consumer Financial Protection Bureau on September 27, 2021.

Primary

Digital banking platform (unnamed)

Counterparty

Consumer Financial Protection Bureau

Structure

CID closure / enforcement decision

Date

September 27, 2021

Sub-sector

Lending Tech (Consumer)

CFPB closed investigation into cash advance business practices without recommending enforcement, signaling regulatory tolerance for earned wage access model under current scrutiny.

Primary company

Digital banking platform (unnamed)

Counterparty

Consumer Financial Protection Bureau

Amount

Not disclosed

Event date

September 27, 2021

Sub-sector

Lending Tech (Consumer)

HQ

Not disclosed

Structure

CID closure / enforcement decision

Source published

October 14, 2021

Publisher

Mondaq / Sheppard, Mullin, Richter & Hampton LLP

Source: mondaq.com