About 1 in 4 consumers in the United States own at least one co-branded or store-specific credit card. However, their popularity doesn’t come close to that of general-use credit cards, which are owned by 68% of consumers.
NEW YORK (AP) — Consumers are increasingly struggling to pay their credit card bills, raising concerns about severe delinquencies spiraling and sapping consumer spending.
Federal Trade Commission (FTC) Chair Lina Khan said Wednesday that companies that train their artificial intelligence (A) models on data from news websites, artists’ creations or people’s personal information could be in violation of antitrust laws.
In a notable ruling, the U.S. Supreme Court has upheld the funding structure of the Consumer Financial Protection Bureau (CFPB), concluding that it does not violate the Constitution’s separation of powers clause. Justice Clarence Thomas authored the decision, which passed with a 7-2 majority. Justices Samuel Alito and Neil Gorsuch dissented.
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 cards” under Regulation Z; (2) the lenders that issue such accounts are “card issuers;” and (3) that as it relates to traditional BNPL loans (loans that are payable in four or fewer installments with no finance charge) these card issuers are “creditors” subject to subpart B of Regulation Z—the provisions typically applicable to open-end credit.
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