On January 2, New York Governor Kathy Hochul announced a proposal to establish regulations for the “Buy Now Pay Later” (BNPL) loan industry.
Gov. Hochul announced that she will propose legislation to require BNPL providers to obtain a license to
On January 2, New York Governor Kathy Hochul announced a proposal to establish regulations for the “Buy Now Pay Later” (BNPL) loan industry.
Gov. Hochul announced that she will propose legislation to require BNPL providers to obtain a license to…
On January 9, the California Department of Financial Protection and Innovation (DFPI) issued an order against a consumer financing platform that enables merchants to offer installment contracts to their customers. The platform was ordered to pay a $50,000 penalty for…
On March 10, 2023, volatility resulting from concerns regarding runs on certain banks triggered trading halts in those banks’ stocks on the New York Stock Exchange (NYSE) and Nasdaq. March 13, 2023, saw additional trading halts on bank stocks.…
CFPB Seeks Public Input on Consumer Credit Card Market
On January 24, the Consumer Financial Protection Bureau (CFPB) issued a request for information seeking public feedback on how the consumer credit market is functioning.
The CFPB’s request for information is…
Big Tech in Banking: Implications for Competition in Consumer Markets and Risks to Financial Stability
The director of the Consumer Financial Protection Bureau (CFPB) presented the agency’s Semiannual Report to the U.S. Congress on December 14. Noting that consumer finance…
OCC Revises Civil Money Penalty Manual
The U.S. Office of the Comptroller of the Currency (OCC) announced revisions to its civil money penalty (CMP) manual on November 29, 2022. This may have important implications for smaller banks that have entered…
Weekly Fintech Focus
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Weekly Fintech Focus
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Weekly Fintech Focus
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Consumer Protection Agencies Target Junk Fees and Dark Patterns for Enforcement Action and Rulemaking
The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) are cracking down on the assessment of junk fees and the use of dark…