The staff of the Federal Trade Commission has provided its annual report to the Consumer Financial Protection Bureau on its enforcement and related activities in 2023 on the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA).
On May 22, the CFPB announced an interpretive rule confirming that Buy Now, Pay Later (BNPL) lenders qualify as credit card providers under the Truth in Lending Act, Regulation Z and are required to provide consumers legal protections and rights that apply to credit cards, including the ability to dispute charges, secure refunds for returned products and receive billing statements.
Roughly 78% said they had a financial regret, with 21% saying they most lamented "charging up too much credit card debt," according to the Debt.com survey. Millennials regret their credit debt the most, and 45% said they feel guilty about "charging too much on their credit cards."
(Reuters) - The U.S. Consumer Financial Protection Bureau (CFPB) on Tuesday scored a jurisdictional victory when a federal judge in Texas transferred to another court in Washington, D.C., an industry-backed lawsuit challenging the agency's rule capping credit card late fees at $8.
On Friday May 24, in response to the CFPB’s motion requesting the Fifth Circuit to accelerate the issuance of its mandate from July 9, 2024 with respect to its earlier dismissal of the plaintiffs’ appeal, the Fifth Circuit ordered that the mandate be issued “forthwith.” This restores full jurisdiction to the Federal District Court (Judge Pittman).
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