New York Gov. Kathy Hochul has signed legislation that, among other things, imposes new licensing requirements on Buy Now, Pay Later services.
In touting the FY26 budget bill that contained the consumer protection provisions, Hochul commented, “Our tax cuts, credits, and rebates won’t be much help if bad actors are able to scam or mislead New Yorkers. These new laws are about fairness, transparency, and accountability and will help consumers save money and spend it wisely.”
In this crossover episode of The Consumer Finance Podcast and Regulatory Oversight, Chris Willis, Kim Phan, and Stephen Piepgrass provide insights on a new joint privacy task force among several state AGs, known as the Consortium of Privacy Regulators. The consortium recently outlined goals to share state resources and align enforcement priorities regarding consumer harm and privacy rights.
The operators of an alleged transnational student loan debt relief scam have agreed to be permanently banned from the debt relief industry and to turn over more than $1 million in assets to resolve Federal Trade Commission charges that the operation bilked millions out of struggling student loan borrowers.
The CFPB is proposing to rescind its rule that requires certain nonbank entities to register covered agency enforcement and court orders.
Specifically, the rule applies to any supervised or non-supervised nonbank that engages in offering or providing consumer financial products or services and any of its service provider affiliates unless excluded.
After a brief lull in early 2025, lender risk teams are once again facing rising signs of consumer distress. Behind the headline figures, the structure of borrower behavior is shifting, forcing lenders to reevaluate how they approach loss mitigation in this cycle.
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