Webinar: CFPB’s proposed “Ability-to-Repay” Rules in Short-term Lending: The compliance implications
Join us at this upcoming webinar to hear a well-known attorney explain the implications of rules recently proposed by the Consumer Financial Protection Bureau (CFPB) affecting consumer finance.
The webinar will also provide information on unique data resources that can help lenders stay in compliance while managing risk and growing their business.
The Consumer Financial Protection Bureau (CFPB) announced on March 26th, it was considering rules that impact short-term and long-term financing by requiring lenders to take steps to make sure consumers can repay loans.
The CFPB has stated it would consider measures whereby: “for each loan, lenders would have to verify the consumer’s income, major financial obligations, and borrowing history to determine whether there is enough money left to repay the loan after covering other major financial obligations and living expenses”.
Keith Barnett, a partner with Sutherland Asbill & Brennan LLP and a frequent speaker on legal issues affecting the financial services industry, will provide details on the proposed rules and explain how the affect compliance.
Naser Hamdi, Director of Market Insight and Strategy at Equifax Workforce Solutions, will discuss third-party verifications of borrowers’ employment and income, and how this is a proven best-practice in mitigating fraud and improving loan quality. Naser will discuss The Work Number®, a service that can deliver a concise, instantly available report that verifies the applicant’s current employment status and provides payroll income with consumer authorization. The Work Number has been adopted as the gold standard by the Mortgage and Credit Card industries in providing “ability-to-pay” compliance.