Lack of internet determines credit invisibility

An inability to access the internet rather than proximity to a bank branch is a better indicator of credit invisibility, according to a report from the Consumer Financial Protection Bureau. Though the bureau has continued its enforcement activities via settlements and consent orders in recent months...

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Bibliographic Details
Published in:BankBeat 2018-11, Vol.203 (12), p.6-6
Main Authors: Gawarecki, Mara, Niemann, John
Format: Article
Language:English
Subjects:
Banking industry
Consumers
Interest rates
Internet access
Litigation
Mulvaney, Mick
Warren, Elizabeth
Online Access:Get full text
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Summary:An inability to access the internet rather than proximity to a bank branch is a better indicator of credit invisibility, according to a report from the Consumer Financial Protection Bureau. Though the bureau has continued its enforcement activities via settlements and consent orders in recent months, this action against Future Income Payments is the first time under Mulvaney's leadership that a regulated entity has been sued. According to the CFPB, Future Income told customers these were not loans, that there was no interest rate and that the company's cash advances were cheaper than credit cards.