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

Fintech Finance

Regulatory clarity and consistent standards are critical for providers offering safe, transparent and responsible financial services and even more important for consumers who expect protections when utilizing financial services including Buy Now Pay Later,” said Phil Goldfeder, Chief Executive Officer of AFC.

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Biz Card Startup Brex Pursues Unicorn Status

PYMNTS

Doing so allows the company to underwrite risk based on the startup’s existing finances, including bank account data and history of fundraising, instead of relying on the personal credit scores of a startups’ founder. Acknowledging the high failure rate of tech startups, Brex takes on that liability.

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Bill.com To Go Public

PYMNTS

Two unnamed sources told the publication that Bill.com is meeting with bankers as it prepares to choose the underwriters for its initial public offering (IPO). The sources noted that Bill.com has not chosen its underwriters nor decided on a set time to float.

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

The Fintech Times

Now, the American Fintech Council has submitted its own response to the CFPB’s request for comment on the Use of Digital User Accounts to Access Buy Now, Pay Later Loans. In a letter , it applauded the CFPB for its 2022 report on BNPL and its continued engagement with industry leaders. .”

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China Tightens Scrutiny Of Consumer Lending By Tech Giants

PYMNTS

Both Tencent and Ant declined to comment to Reuters on the story, while JD.com and the PBOC “did not immediately respond to requests for comment.”. They have heavily relied on Ant’s data to underwrite loans and manage risks,” one senior regulator told Reuters.

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Banks Raise Concerns Over CFPB Small Biz Loan Data Collection

PYMNTS

The American Bankers Association sent a letter to the CFPB, reports in Banking Journal said, voicing concerns that data collection efforts will not be able to achieve the CFPB’s objectives.