Welcome to Hudson Cook Insights - a collection of articles written each month by the attorneys of Hudson Cook, LLP, in an effort to keep their clients and other compliance professionals informed about current trends and developments in consumer credit finance that will affect the way they do business.
Over the past year, our focus as a country and around the world has made a seismic shift toward equality, diversity, and inclusion. In some ways, the financial services industry (at least big banks) had already moved incrementally in that direction with respect to hiring, diversity programs and training, and antidiscrimination efforts. In other ways, it's still playing catch-up. article continued
We recently wrote about the Consumer Financial Protection Bureau's November 2020 advisory opinion regarding earned wage access (EWA) programs. In that opinion, the CFPB determined that earned wage access programs — when structured properly — are not credit under the Truth in Lending Act and Regulation Z (collectively, "TILA"). article continued
On January 18, we learned that President-elect Biden intends to nominate FTC Commissioner Rohit Chopra to serve as the Director of the Consumer Financial Protection Bureau. Chopra is a smart, articulate, and strong consumer advocate who will be well received by the Bureau's staff and consumer advocates. I anticipate that he will be at least as aggressive as former Director Cordray, if not more, in seeking to expansively use the Bureau's tools, including law enforcement and rulemaking. article continued
Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month's article, we share some of our top "bites" covered during the February 17 webinar. article continued
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