CFPB Problems No-Action Letter on Bank’s Small-Dollar Loan Program

CFPB Problems No-Action Letter on Bank’s Small-Dollar Loan Program

The CFPB issued a no-action letter to Bank of America saying that the agency will never just simply take enforcement action resistant to the bank regarding the a small-dollar financing system. Especially, the CFPB claimed so it wouldn’t normally act under Sections 1031 („Prohibiting Unfair, Deceptive, or Abusive Acts or Practices”) and 1036 („Prohibited Acts”) of Dodd-Frank.

In line with the Bank of America no-action letter request, the financial institution’s small-dollar credit item („Balance Assist”) is organized being a fixed-term, amortizing small-dollar installment loan become repaid over 3 months.

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Installment loans without any telecheck. Online it’s also feasible particularly when rate of interest.

Installment loans without any telecheck. Online it’s also feasible particularly when rate of interest.

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