The California Department of Financial Protection and Innovation (“DFPI”) announced new requirements pursuant to the California Consumer Financial Protection Law (“CCFPL”) for registration of certain consumer financial...more
Buy Now, Pay Later (“BNPL”) payments are often presented by retailers and BNPL lenders to consumers as an alternative to traditional credit card payments. After close scrutiny of industry practices for several years, the...more
In an effort it describes as intended to help “level the playing field” between banks and nonbank consumer financial service providers that are sometimes characterized as “Big Tech”, the Consumer Financial Protection Bureau...more
Consumer debt collectors may not be permitted to charge consumers “convenience fees” for card payments, which the Consumer Financial Protection Board (the “CFPB”) calls “pay-to-pay” fees, unless the underlying loan agreement...more
8/19/2022
/ Advisory Opinions ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Convenience Fees ,
Debt Collection ,
Debt Collectors ,
Enforcement ,
Exclusions ,
FDCPA ,
Fees ,
Loan Agreements ,
Statutory Requirements ,
Third-Party Service Provider ,
UDAAP
On 2 February 2021, the FCA published its Review of the Unsecured Credit Market in the UK. The full title of the review is “The Woolard Review - A review of change and innovation in the unsecured credit market” (“the...more
The U.S. Supreme Court ruled last week that New York’s statutory ban on merchant’s surcharging customers who choose to pay for credit cards is a regulation of speech and is not merely a regulation of pricing conduct, as the...more