• Cross River Bank, Senator Monique Limón, Assemblyman Tim Grayson and the Department of Financial Protection and Innovation (DFPI) joined to discuss consumer lending and responsible bank partnerships.
• This discussion was based on California’s groundbreaking legislation (AB539), which promotes access to responsible consumer lending with a 36% interest rate cap.
• Cross River is reshaping the future of global finance by creating access to safe and affordable financial services for historically unbanked and underbanked communities while ensuring high levels of consumer protection and regulatory compliance.
Cross River Bank & Senator Monique Limón Discuss Responsible Consumer Lending
Cross River Bank (“Cross River”), a leading technology infrastructure provider that offers embedded financial solutions, recently joined with California State Senator Monique Limón (D-CA), Assemblyman Tim Grayson (D-Concord), the Department of Financial Protection and Innovation (DFPI) and Tom Curran, Chief Risk and Compliance Officer at one of Cross River’s innovative partners, Upgrade, to discuss California’s consumer lending landscape. The conversation focused on how AB539 sets the parameters for responsible lending as well as how responsible bank-fintech partnerships can propel innovation while protecting consumers.
AB539: Promoting Access to Responsible Lending
Under the leadership of Senator Monique Limón and Assemblyman Tim Grayson’s, in alignment with Governor Newsom’s priorities, California is leading the way in promoting an innovative ecosystem where modern financial services can thrive while also ensuring high levels of consumer protection and regulatory compliance. AB539 sets forth regulations for lenders providing credit to Californians such as a 36% interest rate cap for loans offered by licensed lenders. These regulations are designed to ensure consumers receive fair terms when accessing capital from lenders.
Breaking Down Traditional Barriers To Capital
Cross River utilizes its innovation in financial services to break down traditional barriers increasingly blocking access to capital in underserved communities while maintaining high levels of customer protection. This model seeks to provide safe and affordable financial services that were previously unavailable or difficult to obtain due to strict banking requirements or lack of credit history/accessibility issues. By creating more options for consumers, this model helps expand credit availability across all demographics while providing smarter loan products tailored specifically for each individual’s needs.
Ensuring Consumer Protection & Regulatory Compliance
Cross River works hard to ensure customers receive their desired loan product without incurring any unnecessary fees or other predatory practices often associated with alternative financing options such as payday loans or title loans. They maintain the highest level of consumer protection throughout the process by adhering strictly to all applicable state laws governing lending practices in each jurisdiction they operate in – including requirements for licensing, disclosure requirements regarding pricing structure features/benefits etc., as well as robust data security measures designed protect customers from identity theft or other malicious activities targeting personal data/information stored within their systems . Additionally Cross River provides ongoing training programs designed educate their employees about best practices when it comes customer service ensuring customers always receive top-notch care whenever they interact with any member staff at Cross Rivers facilities nationwide..
In conclusion, Cross River Bank is working hard reshape the future global finance by creating access safeand affordable financial services historically unbanked underbanked communities while simultaneously protecting these same customers through rigorous compliance measures enforced both internally organizationally externally via various state local government agencies tasked regulating lides industry standards expectations respect user privacy security best practices when it comes handling sensitive information entrusted them users seeking out additional sources capital whether emergency situations longer term investments alike..