Jul 11, 2024 | FinTech, News
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...
Jul 9, 2024 | Federal Regulation, Litigation, News
SCOTUS Ends Chevron Deference, Severely Restricting Executive Agency Power In a 6-3 decision along ideological lines, the Supreme Court of the United States (SCOTUS) overruled a longstanding precedent known as the Chevron Deference. The Chevron precedent said that...
Jul 3, 2024 | Federal Regulation, News
CFPB Blog Post Sets March 30, 2025 as Implementation Date for Payday Lending Rule The Consumer Financial Protection Bureau (CFPB) recently announced that its 2017 Payday Lending Rule will go into effect on March 30, 2025. The rule will limit lenders from making more...
Jun 27, 2024 | Federal Regulation, News
CFPB Proposes Banning Medical Bills from Credit Reports Earlier this month, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would remove medical bills from credit reports and prohibit lenders from making lending decisions based on medical...
Jun 25, 2024 | Litigation, News
Judge Temporarily Blocks Colorado DIDMCA Opt Out Law Last week, U.S. District Court Judge Daniel Domenico issued a ruling temporarily stopping legislation passed last year that would opt the state out of the 1980 Depository Institutions Deregulation and Monetary...
Jun 20, 2024 | Federal Regulation, News
Biden Nominates Christy Goldsmith Romero to Replace Martin Gruenberg as FDIC Chair Last week, President Biden nominated Christy Goldsmith Romero as the next chair of the Federal Deposit Insurance Corporation (FDIC). Goldsmith Romero, currently a commissioner on the...
Jun 13, 2024 | Congressional Legislation, Federal Regulation, News
CFPB Director Chopra Testifies Before Senate Banking, House Financial Services Committees This week, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified before both the Senate Committee on Banking, Housing, and Urban Affairs and the House...
Jun 11, 2024 | Federal Regulation, News
CFPB Finalizes Rule to Create “Repeat Offender” Registry Last week, the Consumer Financial Protection Bureau (CFPB) finalized a rule that will establish a registry to track people and companies that have repeatedly broken consumer protection laws. Non-bank...
Jun 5, 2024 | Financial Literacy, News
Younger Consumers Struggling to Pay Credit Card Debts A recent report on first quarter household debt by the Federal Reserve Bank of New York found the share of credit card debt over 90 days past due rose to 10.7 percent in the first quarter, which is a 14-year high....
May 30, 2024 | Federal Regulation, FinTech, News
CFPB Proposes Regulating BNPL Loans Like Credit Cards Last week, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that considers Buy Now, Pay Later (BNPL) lenders to be credit card providers. The Bureau says that the move is meant to protect...
