Fifth Circuit Court of Appeals Finds CFPB Funding Mechanism is Unconstitutional
Fifth Circuit Court of Appeals Finds CFPB Funding Mechanism is Unconstitutional On Wednesday night, the Fifth Circuit Court of Appeals issued a long-awaited ruling which found that the independent funding mechanism Congress established to insulate the Bureau from...
BNPL Remains Absent from Most Consumers’ Credit Scores
BNPL Remains Absent from Most Consumers’ Credit Scores Experian, Equifax, and TransUnion have recently begun allowing buy now, pay later (BNPL) lenders to report their short-term payment plans for consumers’ credit scores, but many of the largest BNPL companies...
House Republicans Press Acting Comptroller on Bank-Fintech Partnerships
House Republicans Press Acting Comptroller on Bank-Fintech Partnerships Last week, House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.) led a group of Republicans from the Committee’s Task Force on Financial Technology in a letter to acting...
State AGs Sue to Halt Cancellation of Student Loan Debt
State AGs Sue to Halt Cancellation of Student Loan Debt Last month, Attorneys General in several states filed a complaint against President Biden, Secretary of Education Miguel Cardona, and the U.S. Department of Education seeking to block the implementation of the...
A special conversation with Chairman John R. Shotton (Otoe-Missouria Tribe of Oklahoma and Chairman, NAFSA, Board of Directors)
A special conversation with Chairman John R. Shotton (Otoe-Missouria Tribe of Oklahoma and Chairman, NAFSA, Board of Directors) As part of our celebration of the Native American Financial Services Association’s (NAFSA) 10-year anniversary, we will be bringing you a...
Afterpay Expands from Pay-in-4 BNPL Offerings to Interest-Bearing Loans
Afterpay Expands from Pay-in-4 BNPL Offerings to Interest-Bearing Loans Buy Now, Pay Later (BNPL) company Afterpay recently announced that it is adding a monthly payment option at the point of sale for users to choose to stretch payments for certain items for up to a...
Banks Still Hesitant To Offer Small-Dollar Loans Due to Regulatory Risk
Banks Still Hesitant To Offer Small-Dollar Loans Due to Regulatory Risk While several major retail banks in the United States—including US Bancorp, Bank of America Corp., Wells Fargo & Co., and four others—are now issuing or have announced plans to issue flat-fee,...
LendingClub CEO: Paycheck-to-Paycheck Living is Akin to the Climate Crisis
LendingClub CEO: Paycheck-to-Paycheck Living is Akin to the Climate Crisis PYMNTS recently partnered with LendingClub to produce the “New Reality Check: the Paycheck-to-Paycheck Report,” which tracks how Americans are affording the cost of living. LendingClub CEO...
