Interest Rate Cuts Could Increase BNPL Usage, CEO Says
Interest Rate Cuts Could Increase BNPL Usage, CEO Says Last month, one of the leading buy now, pay later (BNPL) providers, Affirm, reported in its fourth quarter fiscal 2024 results that it saw 31 percent year-over-year growth in gross merchandise volume (GMV),...
CFPB Announces Plans For FAQs to Help BNPL Lenders Ensure Compliance
CFPB Announces Plans For FAQs to Help BNPL Lenders Ensure Compliance The Consumer Financial Protection Bureau (CFPB) plans to issue a set of frequently asked questions (FAQs) next month to help buy now, pay later (BNPL) lenders comply with federal laws and...
CFPB Taking on Chatbots
CFPB Taking on Chatbots The Biden Administration is pushing the Consumer Financial Protection Bureau (CFPB) to investigate banks’ use of chatbots and to address customer service “doom loops” in a broader effort to prioritize consumers’ time. The White House said that...
Fintechs Increase Lobbying Spending on EWA, AI, and Crypto
Fintechs Increase Lobbying Spending on EWA, AI, and Crypto Major fintech firms increased lobbying spending during the first half of the year compared to their previous spending in the same time frame of 2023, notably on AI, cryptocurrency, and earned wage access...
Congressional Resolution Introduced to Undo CFPB’s Buy Now, Pay Later Guidance
Congressional Resolution Introduced to Undo CFPB’s Buy Now, Pay Later Guidance Earlier this month, members of the U.S. House of Representatives introduced H.J. Res. 195, a joint resolution providing for congressional disapproval under the Congressional Review... Comment Period on CFPB BNPL Rule Closes, Leaving Future Unclear
Comment Period on CFPB BNPL Rule Closes, Leaving Future Unclear The comment period has officially ended for the Consumer Financial Protection Bureau (CFPB)’s interpretive rule on buy now, pay later (BNPL) products, with multiple companies and organizations weighing in...
Regulators Seeking More Details on Bank-Fintech Relationships
Regulators Seeking More Details on Bank-Fintech Relationships Federal regulators have recently sought comments on the relationships between financial institutions and the third parties—especially fintechs—that often partner with them. Agencies seeking better...
CFPB Issues Circular Saying NDAs that Deter Whistleblowing May Break the Law
CFPB Issues Circular Saying NDAs that Deter Whistleblowing May Break the Law The Consumer Financial Protection Bureau (CFPB) recently issued a circular to regulators and law enforcement agencies, explaining that it could be unlawful for companies to require employees...
