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
The federal consumer protection agency’s proposed rule would give consumers greater control over access to their personal financial information held by banks and credit unions. The CFPB’s stated goal is to increase...more
11/6/2023
/ APIs ,
Compliance ,
Compliance Dates ,
Consumer Financial Protection Bureau (CFPB) ,
Data-Sharing ,
Dodd-Frank ,
Financial Services Industry ,
NPRM ,
Open Banking ,
Personal Data ,
Proposed Rules ,
Regulation Z
In guidance issued recently, the Federal Deposit Insurance Corporation (“FDIC”) advised that charging multiple non-sufficient funds (“NSF”) fees constitute “violations of law” when customer disclosures do not fully and...more
8/25/2022
/ Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
New Guidance ,
Non-Bank Lenders ,
Returned Check Fees ,
Section 5 ,
State Attorneys General ,
Transaction Fees ,
UDAAP ,
Unfair or Deceptive Trade Practices
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 Consumer Financial Protection Bureau has issued a brief press announcement that the Prepaid Card Rule would be further revised and that the effective date for compliance will be further postponed from the current deadline...more