Banking app says it cleared CFPB’s paycheck advance probe

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By Elise Hansen (October 7, 2021, 4:08 p.m. EDT) – The Consumer Financial Protection Bureau opened an investigation into the Dave banking app last summer, but recently ruled it had no plans to pursue action coercive, Dave revealed in a filing.

Dave Inc. and its potential acquirer, VPC Impact Acquisition Holdings III Inc., said in a filing Wednesday that the CFPB had reviewed Dave’s cash paycheck advance activity. The CFPB was investigating compliance with consumer protection laws regarding unfair or deceptive practices, the electronic funds transfer law and the truth in lending law, according to the file.

Dave said he received a request for a civil investigation in June 2020 and learned about …

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