The Looming Battle Over CFPB Authority

Article X of this Act created the customer Financial Protection Bureau with plenary supervisory, enforcement and rulemaking authority pertaining to payday lenders. The Act will not differentiate between tribal and non-tribal loan providers. TLEs, which can make loans to consumers, autumn squarely in the concept of “covered people” underneath the Act. Tribes are not expressly exempted through the conditions associated with Act once they perform consumer-lending functions.

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