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American Fintech Council (AFC) Responds to Consumer Financial Protection Bureau (CFPB) Interpretive Rule on Buy Now Pay Later

Fintech Finance

We are encouraged by the work the CFPB has done to better understand the BNPL industry. In their letter, AFC applauded the CFPB for their 2022 report on BNPL and for their continued engagement with industry leaders. Moloney, SVP, Head of Policy and Regulatory Affairs, wrote in AFC’s recent letter to the CFPB Read the full letter here.

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The CFPB Settles With National Credit Adjusters

PYMNTS

The Bureau of Consumer Financial Protection announced late last week it settled with the National Credit Adjusters , a private company, as well as its chief executive and part owner Bradley Hochstein. NCA or the collection companies didn’t have the authority to take any of those actions, the CFPB said in the release.

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The Final CFPB Prepaid Card Rule Is Here (Expect Controversy)

PYMNTS

CFPB director Richard Cordray noted in remakes released along with the new rules this morning. Cordray further noted that the CFPB’s new rules are the first set of such robust rule making at the federal level. ” They also requested the CFPB “tread lightly” in regulating them. ” The Expected Stuff .

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CFPB Charges Student Loan Debt Relief Firms With Unlawful Behavior

PYMNTS

The Consumer Finance Protection Bureau (CFPB) has filed lawsuits against several companies offering to forgive student loan debt for allegedly obtaining peoples’ data illegally, charging unlawful fees and engaging in “deceitful conduct,” an announcement said. The CFPB said Monster Loans pretended to use the data to offer mortgage loans.

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CFPB Pushes Prepaid Card Rule Implementation Back A Year

PYMNTS

The Consumer Financial Protection Bureau (CFPB) has extended the effective date on its 2016 prepaid card rule, among other modifications announced today (Jan. Jason Oxman, CEO of the Electronic Transactions Association (ETA), said, “We applaud the leadership of the CFPB in extending the overall effective date of the prepaid rule.

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AFC Praises New BNPL Recommendations, But Warns That Providers Need ‘Additional Time’ to Comply

The Fintech Times

The new proposed interpretive rule would ensure that nonbank financial companies adhere to the same credit card lending rules as large banks, credit unions, and other financial institutions already supervised by the CFPB. In a letter , it applauded the CFPB for its 2022 report on BNPL and its continued engagement with industry leaders.

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Today In Payments: Adevinta To Buy eBay’s Classifieds Unit; Panel To Review UK’s FinTech Sector 

PYMNTS

CFPB Consumer Complaints Up 50 Pct During Pandemic. The Consumer Financial Protection Bureau (CFPB) has recorded record-high numbers of complaints every month since the pandemic hit in mid-March, according to a press release from the U.S. Ant Group, the online payments division arm of Alibaba Group Holding Ltd., PIRG Education Fund.