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Articles by Hannah Koepke
New CFPB Rule Classifies “Buy Now, Pay Later” Lenders as Credit Card Issuers | JD Supra
On May 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that redefines the regulatory framework for Buy Now, Pay Later (BNPL) lenders, aligning them with traditional credit card providers subject to the Truth in Lending Act (TILA). This development represents a pivotal shift as most BNPL products had not previously been subject to the comprehensive requirements of TILA.
New CFPB Rule Classifies “Buy Now, Pay Later” Lenders as Credit Card Issuers
On May 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that redefines the regulatory framework for Buy Now, Pay Later (BNPL) lenders, aligning them with traditional credit card providers subject to the Truth in Lending Act (TILA). This development represents a pivotal shift as most BNPL products had not previously been subject to the comprehensive requirements of TILA.
CFPB Considering Increased Regulation of Credit Card Rewards Programs
On May 9, 2024, the CFPB released a comprehensive report detailing its findings on challenges reported by consumers regarding their credit card rewards programs. This report, as well as remarks made by CFPB Director Rohit Chopra at a recent hearing on credit card and airline rewards programs, suggest that the Bureau is considering increased regulation and/or enforcement activity with respect to such rewards programs.
Consumer Financial Protection Bureau Releases Final Rule Limiting Credit Card Late Fees | JD Supra
In March the Consumer Financial Protection Bureau (CFPB) announced a final rule intended to limit late payment fees on consumer credit cards distributed by the larger credit card issuers (the “Final Rule”). The Final Rule, which takes effect on May 14, 2024, marks a pivotal shift in the CFPB’s regulation of credit card fees. However, the Final Rule has been met by resistance from banking industry trade groups seeking to enjoin application of the rule prior to its effective date.
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