The Consumer Financial Protection Bureau (CFPB) has recently issued an interpretive rule that classifies Buy Now, Pay Later (BNPL) lenders as credit card providers. This decision, announced through a press release, mandates that BNPL lenders extend key consumer rights and legal protections typically associated with traditional credit cards. This move aims to address growing concerns about consumer protection in the rapidly expanding BNPL market.
The NCUA’s Financial Technology team identifies and addresses barriers, challenges, and opportunities for the credit union industry to use technology in a productive and safe and sound manner consistent with consumer financial protection and other compliance requirements. This technology includes, but is not limited to, artificial intelligence, cloud applications, distributed ledger technology, blockchain, and digital identification.
The North Carolina Supreme Court on Thursday, May 23 held that a credit union’s unilateral update to add an arbitration provision and class action waiver to its contract with one of its customers was valid under North Carolina contract law.
As part of the CFPB’s crusade against junk fees, CFPB Director, Rohit Chopra addressed credit report fees in prepared remarks at the Mortgage Bankers Association’s Secondary & Capital Markets Conference & Expo 2024. While Director Chopra began his remarks by commenting on the increasing cost of mortgage loan transactions, stating that both consumers and lenders are negatively affected, he focused most of his remarks on the increasing costs of obtaining consumer credit reports.
OAKLAND — California Attorney General Rob Bonta today led a multistate coalition of 19 attorneys general in filing an amicus brief in National Automobile Dealers Association et al. v. FTC, supporting the Federal Trade Commission’s defense of its new auto sales (CARS) Rule. The rule addresses several persistent unfair and deceptive practices in the auto sales industry.
.jpg)
.jpg)