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...
House Financial Services Committee Holds Field Hearing on Partnerships Between Financial Institutions and Fintech
House Financial Services Committee Holds Field Hearing on Partnerships Between Financial Institutions and Fintech Earlier this month, the House Financial Services Subcommittee on Financial Institutions and Monetary Policy held a field hearing in Kentucky for banking...
CFPB Says Earned Wage Access Apps are Providing Loans
CFPB Says Earned Wage Access Apps are Providing Loans Last week, the Consumer Financial Protection Bureau (CFPB) said that apps that allow workers to access their paychecks early—and usually for a fee—are actually providing loans, thus making them subject to the Truth...
Senate Banking Committee Holds Relatively Smooth Hearing for FDIC Nominee Christy Goldsmith Romero
Senate Banking Committee Holds Relatively Smooth Hearing for FDIC Nominee Christy Goldsmith Romero Last week, Christy Goldsmith Romero appeared before the Senate Banking Committee for her confirmation hearing as President Biden’s nominee to take the reins of the...
End of NY Legislative Session Means No BNPL Bill This Year
End of NY Legislative Session Means No BNPL Bill This Year New York State lawmakers ended their legislative session in June with no new state regulations for the buy now, pay later (BNPL) industry, contrary to what many anticipated. State governor Kathy Hochul began...
