Buy now, pay later (BNPL) has emerged as a popular credit option, enabling consumers to make purchases immediately but pay for them in smaller installments over time. This flexibility has revolutionized shopping experiences, offering convenience and greater control over spending.
Having worked with financial regulators for over 33 years, I understand the financial services industry’s vital role in the U.S. economy. The NCUA insures deposits at federally insured credit unions, protects the members who are not only consumers but also owners of credit unions, and charters and regulates federal credit unions. The strength of the credit union industry is based on the number and diversity of credit unions that meet the financial needs of their members. Safe, fair, and affordable access to financial services is necessary to ensure that local, state, and national economies grow and thrive.
On November 16, the CFPB released its annual Fair Debt Collection Practices Act report, which highlighted challenges specific to medical debt collection. For example, 8,500 complaints were submitted in 2022 related to medical debt collection and described problems such as collectors billing for services never received, collecting the wrong amounts, miscommunication with insurance companies or financial assistance programs, or placing bills on credit reports without prior consumer contact.
The Federal Trade Commission will hold a virtual informal hearing on January 16, 2024, on the proposed amendments to the Negative Option Rule. During the hearing, which will be open to the public and viewable on the FTC’s website, six nongovernmental organizations will provide oral statements addressing issues raised to date during the rulemaking process.
BOSTON — Attorney General Andrea Joy Campbell has announced that her office has proposed regulations to prohibit hidden “junk fees,” which companies use to deceptively hike prices on consumers above advertised prices. The proposed regulations would require businesses to clearly disclose the total price of a product at the time it is presented to consumers, provide clear and accessible information on whether fees are optional or required, and simplify the process for cancelling trial offers and recurring charges, amongst other rules.
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