CFPB closes investigation into cash advance product without enforcement
Digital banking platform (unnamed) issued Investigation closure / no enforcement action affecting Consumer Financial Protection Bureau on September 27, 2021.
- Primary
- Digital banking platform (unnamed)
- Counterparty
- Consumer Financial Protection Bureau
- Structure
- Investigation closure / no enforcement action
- Date
- September 27, 2021
- Sub-sector
- Lending Tech (Consumer)
CFPB declined enforcement against earned wage access product after CID investigation, signaling regulatory scrutiny of cash advance models remains active despite non-action.
Source: natlawreview.com