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Financial Institutions Buy Now Pay Later (BNPL) Financial Services Industry

Husch Blackwell LLP

Five Things to Know About the New York Buy-Now-Pay-Later Act

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As part of an omnibus 2026 budget bill, New York passed a new law that will broadly govern point-of-sale (POS) installment financing offered to New York residents. The Buy-Now-Pay-Later (BNPL) Act was signed into law in early...more

Troutman Pepper Locke

Understanding New York’s New Buy-Now-Pay-Later Law

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New York has included a “Buy-Now-Pay-Later Act” as part of its broader budget legislation for the 2025-2026 fiscal year. Encapsulated in Article 14-B, the Act aims to regulate the burgeoning market of buy-now-pay-later (BNPL)...more

Ballard Spahr LLP

CFPB won’t prioritize BNPL enforcement

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The CFPB will not make enforcement of its Buy Now, Pay Later rule a priority, according to a recent statement....more

Troutman Pepper Locke

CFPB Shifts Focus Away from Buy Now, Pay Later Loans

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The Consumer Financial Protection Bureau (CFPB or Bureau) announced a significant shift in its enforcement priorities, choosing not to prioritize actions related to Buy Now, Pay Later (BNPL) loans under the Truth in Lending...more

K&L Gates LLP

Australia: ASIC Prepares Guidance Following the Release of BNPL Regulations

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On 5 February 2025, the Australian Government (via the Department of Treasury) released an exposure draft on the National Consumer Credit Protection Amendment (Low Cost Credit) Regulations 2025 (draft Regulations). The draft...more

Orrick, Herrington & Sutcliffe LLP

New York Governor Hochul proposes new financial protections

On January 14, Governor Kathy Hochul announced new proposals to protect New York consumers as part of her 2025 State of the State. Her proposals included legislation to: (i) combat algorithmic price discrimination by...more

Ballard Spahr LLP

Borrowers with poor credit ratings make up majority of BNPL borrowers

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Borrowers with subprime or deep subprime credit scores make up the majority of Buy Now, Pay Later (BNPL) originations, the CFPB said, in a new report. From 2021 to 2022, borrowers with deep subprime credit scores accounted...more

K&L Gates LLP

BNPL Regulation Takes the Final Step in Australia

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On 29 November 2024, the Australian Parliament passed the long-awaited Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 (Bill)....more

Alston & Bird

Payments Docket – December 2024

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The latest edition of the Payments Docket, our roundup of key litigation and enforcement involving the payments industry, features why the CFPB’s open banking rule is under fire, a convenience fee that steals your lunch...more

Davis Wright Tremaine LLP

Opportunity Knocks – Litigating Financial Regulation in a Second Trump Administration

During the Biden-Harris Administration, the relationship between financial institutions and their regulators chilled considerably. The financial services industry works daily with its regulators—especially through the...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2024 #4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Troutman Pepper Locke

CFPB’s Latest FAQs Broaden Interpretive Rule for Pay-in-Four BNPL Products

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On September 18, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a set of frequently asked questions (FAQs) providing guidance on applying Regulation Z requirements to Pay-in-Four Buy Now, Pay Later (BNPL)...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2024 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week... ...more

Ballard Spahr LLP

CFPB Proposes Interpretive Rule that EWAs Are Credit; Expedited Funding Fees and Tips May Be Finance Charges under Regulation Z

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On July 18, 2024, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) proposed an interpretive rule that states (1) EWA products fall under the definition of “credit” under the Truth in Lending Act (“TILA”) and...more

Ballard Spahr LLP

Chopra Delivers Testimony to Congress on Semi-Annual Report

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On June 4, 2024, the CFPB issued its Semi-Annual Report to Congress covering the period beginning April 1, 2023 and ending September 30, 2023. On June 12, 2024, CFPB Director Chopra appeared before the Senate Banking...more

Stinson LLP

New CFPB Interpretive Rule to Regulate BNPL

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The Consumer Financial Protection Bureau (CFPB ) has issued an interpretive rule stating that Buy Now, Pay Later (BNPL) loan providers are "card issuers" under Subpart B of Regulation Z and are thus subject to certain...more

Nutter McClennen & Fish LLP

Nutter Bank Report: May 2024

Headlines 1. Supreme Court Upholds the Constitutionality of the CFPB’s Funding Structure The Supreme Court has ruled that the statutory authorization that allows the CFPB to draw funds from the earnings of the Federal Reserve...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - May 2024 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

White & Case LLP

Unlocking Potential: GCC FinTech Trends, Regulations and Funding Outlook

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The Gulf Cooperation Council ("GCC") region, particularly the United Arab Emirates ("UAE") and the Kingdom of Saudi Arabia ("KSA"), is experiencing a dynamic transformation in its financial sector driven by the rapid rise of...more

Ballard Spahr LLP

Buy Now, Pay Later in an Era of Increased Scrutiny and Economic Headwinds

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After gaining popularity during the pandemic, Buy Now, Pay Later (BNPL) has become a ubiquitous form of credit used by millions of consumers to purchase goods and services, particularly in e-commerce transactions. In a...more

American Conference Institute (ACI)

[Event] 8th Forum on FinTech & Emerging Payment Systems - April 9th - 10th, New York, NY

ACI’s 8th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems will provide in-depth guidance on the latest regulatory developments at the Federal and State Level that you need to be aware of....more

Akerman LLP

Explainer Things: Season 2 Episode 1

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Hard to believe 2024 marks 25 years since the Y2K panic. If Y2K means little to you, you're either too young or, like many of us at Explainer Things, you've blocked out the memories of end-of-times fearmongering and...more

American Conference Institute (ACI)

[Event] 24th National Forum on Prepaid Accounts Compliance - April 8th, New York, NY

The 24th National Forum on Prepaid Accounts Compliance will address the latest developments impacting the prepaid industry and provide answers to the most pressing questions and challenges being faced by practitioners in this...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - January 2024 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Fintech

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to fintech. The Consumer Financial Protection Bureau (CFPB) and its director, Rohit Chopra, continued the agency's focus on the everyday consumer...more

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