While the strong labor market remains the key pillar supporting the finances of resilient US consumers, major nonmortgage consumer loans have seen delinquencies increase as inflation has taken a toll on wallets, and more profoundly on lower-income segments.
Consumer protection officials for the United States and the European Commission have met to discuss three shared priorities: buy now, pay later (BNPL), digital payments and artificial intelligence (AI).
At the CFPB, we are paying attention to what you might call the growing financialization of nearly every sector of the economy. From employer-provided loans for workers whose paychecks doesn’t cover their expenses to employer-originated debts to cover workers’ on-the-job “training,” to doctors’ visits that leave people with a new credit card or an exotic payment plan, to being required to download a new app just to pay rent – it increasingly feels that every interaction is turning into a consumer financial transaction, often with debt collection and credit reporting implications
The Federal Trade Commission today issued a report to Congress detailing the FTC’s law enforcement cooperation with state attorneys general (AGs) nationwide and presenting best practices to ensure continued effective collaboration.
The Servicemembers Civil Relief Act was passed by Congress to enable servicemembers to devote themselves to the defense of the Nation by providing them key protections. This law’s important provisions include the right to reduced interest on certain loans and shielding servicemembers from foreclosure while they are serving the nation.
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