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ARTICLE · 08 JULY 2022

CFPB Discusses Consumer Finance Data, Sets Priorities

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On June 15, CFPB Deputy Director Zixta Martinez delivered a keynote address to the Consumer Federation of America's 2022 Consumer Assembly.

United StatesFinance and Banking
Moorari K. Shah
Moorari K. Shah
A.J. Dhaliwal
A.J. Dhaliwal
Katie Daw
Katie Daw
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On June 15, CFPB Deputy Director Zixta Martinez delivered a keynote address to the Consumer Federation of America's 2022 Consumer Assembly. The Deputy Director focused on four key areas of consumer protection during her address:

Payday Loans: The CFPB released a research report in April focusing on payday loans and the state laws allowing payday lenders to operate. Only 16 states out of the 26 states that allow payday lenders to operate require/permit lenders to offer extended payment plans, according to the Deputy Director. The CFPB will "continue to assess payday loan and small dollar credit practices" more generally, she said.

Rent-A-Banks: The Deputy Director identified the evolution of the small dollar credit market as an area of interest for the CFPB. Small credit lenders may use relationships with banks to evade state interest caps and licensing laws by claiming that the bank is the lender in "rent-a-bank" schemes, according to the Deputy Director. The CFPB

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