In a letter to the CFPB released on September 10, several Senate Democrats implored the Bureau to establish stricter guardrails for BNPL providers, arguing that consumer harm will occur absent
Continue Reading Senators Urge Regulators to Adopt Tighter Controls for BNPL
On May 2, the CFPB released its Spring 2022 Supervisory Highlights. The findings of the report, which generally cover examinations completed between July and December 2021, are issued to help institutions and the general public better understand how we examine institutions for compliance with Federal consumer financial laws. Highlights include the following findings:
Continue Reading CFPB Issues Spring 2022 Supervisory Highlights
This week, CFPB Director, Rohit Chopra, appeared before the U.S. Senate Committee on Banking, Housing, and Urban Affairs and the U.S. House Committee on Financial Services in conjunction with the CFPB’s submission of its Semiannual Report to Congress. In his prepared testimony before both committee, the Director highlighted some of the CFPB’s work over the past six months, which includes:
Continue Reading CFPB Director Testifies Before Congress
Last month we wrote a blog relating to a consent order entered into by the California Department of Financial Protection and Innovation (DFPI) with a servicer of income share agreements. The DFPI determined that, despite claims by the provider to the contrary, the income share agreements are student loans that subject the provider to California’s licensing requirements. It did not take long for the CFPB to enter the fray. On September 7, the CFPB entered into a consent order with Better Future Forward, Inc. and various affiliates (collectively BFF) in which the CFPB determined that the company:
Continue Reading Are Income Share Agreements Loans? The CFPB Says Yes