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Financial Services Industry › Debt Collection › Buy Now Pay Later (BNPL)

Katten Muchin Rosenman LLP

State AGs and Legislatures Aren’t Taking a Summer Break From Consumer Protection and Financial Services Regulation

Katten Muchin Rosenman LLP on

As the federal government scales back certain consumer protection and enforcement initiatives, state attorneys general and legislatures are rapidly filling the void — introducing new legislation, launching enforcement actions...more

Sheppard Mullin Richter & Hampton LLP

CFPB Withdraws Dozens of Guidance Documents as Part of Deregulatory Push

Sheppard Mullin Richter & Hampton LLP on

On May 12, the CFPB formally withdrew nearly 70 guidance materials—including policy statements, advisory opinions, circulars, and interpretive rules—through a Federal Register notice issued by Acting Director Russell...more

Troutman Pepper Locke

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

Troutman Pepper Locke on

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

Skadden, Arps, Slate, Meagher & Flom LLP

CFPB Applies Credit Card Rules to 'Buy Now, Pay Later' Lenders

Skadden, Arps, Slate, Meagher & Flom LLP on

Following its recent win before the Supreme Court, the Consumer Financial Protection Bureau (CFPB or Bureau) on May 22, 2024, issued an interpretive rule concluding that “Buy Now, Pay Later” (BNPL) loans accessed through a...more

Ballard Spahr LLP

CFPB Issues “Interpretive Rule” Deeming BNPL Providers Card Issuers

Ballard Spahr LLP on

The result of the CFPB’s multi-year study of the BNPL industry is what the CFPB calls an interpretive rule in which it finds that: (1) “digital user accounts” (each a “DUA”) that may be used to access credit are “credit...more

Troutman Pepper Locke

CFPB Rules Buy Now, Pay Later Lenders Must Offer Key Credit Card Protections

Troutman Pepper Locke on

Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an “interpretive rule,” subjecting “Buy Now, Pay Later” (BNPL) transactions to provisions of Regulation Z applicable to “credit cards.” Among other...more

Ballard Spahr LLP

OCC issues guidance on managing risks associated with “buy now, pay later” lending

Ballard Spahr LLP on

The Office of the Comptroller of the Currency (OCC) has issued a bulletin (2023-37) that provides guidance on managing risks associated with “buy now, pay later” (BNPL) lending.  The BNPL loans addressed in the bulletin are...more

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