article thumbnail

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.

article thumbnail

American Fintech Council responds to CFPB buy now, pay later rules

Finextra

The American Fintech Council (AFC), the fastest growing premier industry association representing responsible fintech companies and innovative banks, submitted its response to the Consumer Financial Protection Bureau (CFPB) on the proposed Interpretive Rule and Request for Comment on the Use of Digital User Accounts to Access Buy Now, Pay Later Loans. (..)

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

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.

BNPL 64
article thumbnail

Banks Raise Concerns Over CFPB Small Biz Loan Data Collection

PYMNTS

14) was the last day for the CFPB to receive comments on its data collection process, an initiative outlined in the Dodd-Frank Act that requires lenders to report on their SMB lending activity for regulators to promote fair lending. Thursday (Sept.

CFPB 40
article thumbnail

Biden Eyes Leaders With TIAA, Facebook And Google Ties For Economic Team

PYMNTS

CNBC stated that a Biden transition spokesman did not respond to a request for comment about the potential nominations and that Biden is expected to announce economic appointments soon. The Consumer Financial Protection Bureau (CFPB) is among agencies being watched most closely, PYMNTS reported.

article thumbnail

Heavy-handed Digital Regulation Could Hinder US Startup Development Warns CCIA

The Fintech Times

The Computer & Communications Industry Association (CCIA) has responded to the Consumer Financial Protection Bureu ‘s request for comments on a proposal to define and regulate larger participants in the general-use digital consumer payment marketplace.

article thumbnail

Affirm delves into in-game payments

Payments Dive

However, the fate of that rule is uncertain amid the CFPB’s dramatic reduction in the size of its workforce and regulatory mission under Acting Director Russell Vought, appointed under the new administration of President Donald Trump. A CFPB spokesperson did not immediately respond to a request for comment about the status of the rule.

Payments 155