Consumer finance
Lending and financial products for consumers: cards, loans, mortgages and deposit accounts.
Overview
Consumer finance is governed by disclosure, fair lending, servicing and UDAAP rules enforced by the CFPB and states.
Disclosure, fair lending, collections, servicing and complaints handling are examined closely, and UDAAP gives regulators broad reach over conduct.
Authorities in this glossary active in it include CFPB, State attorneys general, State consumer protection offices and FCAC. It sits within financial services.
Check the official sources below for legal scope, applicable dates and exceptions. This entry is an explanatory reference, not legal advice.
Why it matters
Regulators increasingly look at activities and outcomes in this space, so obligations follow the business model rather than the label.
Who it affects
Organisations operating in consumer finance, and the vendors who serve them.
Where it sits
Ten linked steps connect where you operate to the proof that you complied.
- 01Jurisdiction
- 02Industry
- 03Activity
- 04Authority
- 05Regulation
- 06Requirement
- 07Guidance
- 08Control
- 09Evidence
- 10Enforcement
Hierarchy
- Part of
- Financial services
- Members & authorities
- CFPBFCACState attorneys generalState consumer protection offices
Connections
The terms most closely tied to Consumer finance. Select one to open it.
What to do about it
- 1List the activities you actually perform.
- 2Identify the authorities and licences those activities trigger.
- 3Scope your obligation library to the sector and its activities.
- 4Set up controls and evidence for the highest-risk obligations first.
From requirement to evidence.
Tag your organisation with this sector and Regulation Layer scopes the obligation library to it.
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