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Sheppard Mullin Richter & Hampton LLP

HUD Requests Public Input on Buy Now Pay Later Loans and FHA Mortgage Eligibility

Sheppard Mullin Richter & Hampton LLP on

On June 24, the Department of Housing and Urban Development (HUD) issued a Request for Information (RFI) to evaluate how Buy Now Pay Later (BNPL) loans may affect FHA-insured mortgage underwriting. The RFI seeks comment on...more

Orrick, Herrington & Sutcliffe LLP

New York Fed Bank analyzes BNPL usage

Orrick, Herrington & Sutcliffe LLP on

On February 14, the Federal Reserve Bank of New York (NY Fed) published a blog post evaluating different households’ use of buy now pay later (BNPL) products, which it generally described as “loans that are payable in four or...more

Troutman Pepper Locke

South Carolina Proposes Legislation to Impose Ability-to-Repay Analysis for Installment and Payday Loans

Troutman Pepper Locke on

On January 9, a group of five bi-partisan South Carolina Senators introduced Bill 910, which would, among other things, require persons (non-bank lenders) providing “consumer installment loans” or “deferred presentment loans”...more

Troutman Pepper Locke

OCC Issues “Buy Now, Pay Later” Guidance to Banks

Troutman Pepper Locke on

This week, the Office of the Comptroller of the Currency (OCC) issued guidance to banks on managing the risks associated with “buy now, pay later” (BNPL) lending. Specifically, the bulletin addresses BNPL loans that are...more

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