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YOUR DREAMS
Arbitration Clauses: CFPB is Disparate Impact: Simply put,
also taking a look at mortgage this is unintentional discrimination
arbitration clauses. If the use that happens when only certain
of “forced arbitration” through customers can borrow and the
these clauses is banned in credit auto lenders will be facing these
agreements, it raises the cost issues. If lending platforms engage
of doing business because the in this as well through thier
potential litigation costs are underwriting algorithm, however
immediately increased. Does this well intended and complete, they
then send a tremor through the could be in hot water.
rest of the credit industry for non Regulations are here to stay
mortgage lenders using a “forced and ever increasing. Compliance
arbitration” clause? will become a more important
Enforcement Activity: What’s part of everyone’s business. You
likely on the agenda: Mortgage can bank on that. Businesses
Servicing, Telecommunications will have to evolve and adapt to
companies charging 3rd party fees this new and more complicated
for products unauthorized by the environment. But, perhaps this is a
consumer and more global and good thing. If everyone operates at
granular disclosure in consumer a better practices standard, don’t
complaint narratives. we all win?
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