The CFPB warned that "high-cost specialty financial products" are being pushed onto consumers who cannot afford the payments or who should qualify for financial assistance.
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Federal Reserve Board Governor Michelle W. Bowman argued that banking regulators must deepen their understanding of the functionality and benefits of innovation, and innovators must share their understanding and knowledge of innovation and "the risks that new technology presents."
In a new analysis on auto lending, the CFPB found that negative equity financing is rising, and these loans may result in "increased consumer distress."
The SEC delayed a decision on a FINRA proposal for a new set of reporting rules (Rule 6500 Series: Securities Lending and Transparency Engine (SLATETM)) to implement SEA Rule 10c-1a ("Securities lending transparency").