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Green Sheet: Predatory Lenders May Face CFPB PaybackApril 30, 2021
O’Melveny Financial Services counsel Melissa Baal Guidorizzi discussed the potential impact of the Federal Trade Commission’s limited power in tackling fraud, curtailing predatory methods through fines, and consumer protection.
Guidorizzi told Green Sheet that “in the last year, consumers have flocked to products offered by nonbank fintech companies at an accelerated pace,” and “during that same period, a recent review of consumer complaints by the bureau noted a significant increase in complaints against nonbank financial services providers.”
Eight years of experience at the CFPB has led Guidorizzi to “expect aggressive enforcement and coordinated efforts between the agencies to increase, in concert with the numerous new consumer protection offices and resources implemented over the last several years by state regulators and attorneys general.”
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