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ARTICLE · 14 OCTOBER 2021

CFPB Opts Not To Take Action Against Banking App

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Ahead of an upcoming merger between a digital banking platform and a special purpose acquisition company, both parties disclosed in a regulatory...

United StatesTechnology
Moorari K. Shah
Moorari K. Shah
A.J. Dhaliwal
A.J. Dhaliwal
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Ahead of an upcoming merger between a digital banking platform and a special purpose acquisition company, both parties disclosed in a regulatory filing last week that the platform received a Civil Investigative Demand ("CID") in June 2020 related to its "cash paycheck advance business in compliance with the prohibition against UDAAPs, the EFTA, and, to the extent it applies, the Truth in Lending Act." According to the filing, the platform provided the CFPB with all information and documents required by the CID, and on September 27, 2021, the CFPB staff notified us that it currently did not intend to recommend that the CFPB take any enforcement action.

Putting It Into Practice: While this news did not garner headlines since last week, it is an important reminder that the CFPB and other regulators are monitoring the cash advance space for activities that may run afoul of consumer protection laws (we discussed cash advance products in previous Consumer Finance & Fintec

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