CFPB official flags concern over ‘Rent-A-Bank’ consumer loans

By Jon Hill (June 15, 2022, 5:35 p.m. EDT) – A senior Consumer Financial Protection Bureau official hinted Wednesday at a potential review of whether certain non-banks engage in cost lending. raised inappropriately through fictitious partnerships with banks, claiming that the agency is looking into the phenomenon of “bank leasing schemes”.

Speaking at a Consumer Federation of America event, CFPB Deputy Director Zixta Martinez said some non-bank installment lenders are teaming up with banks to try “to evade credit caps. interest rates and licensing laws,” describing it as a matter for the agency. radar.

“Some lenders employing bank leasing systems have unusually high default rates, raising questions about whether…

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