CFPB to rescind BNPL rule
The Consumer Financial Protection Bureau plans to rescind its rule treating ‘buy now, pay later’ providers as credit card issuers.
The Consumer Financial Protection Bureau plans to rescind its rule treating ‘buy now, pay later’ providers as credit card issuers.
The Consumer Financial Protection Bureau is not planning to enforce Section 1071, the bureau announced on May 1.
The House of Representatives on April 9 voted to overturn the Consumer Financial Protection Bureau’s proposal to limit the overdraft fees banks with more than $10 billion in assets can charge and the bureau’s oversight of the largest payment firms.
The Consumer Financial Protection Bureau plans to soon propose replacing or changing Section 1071.
The Consumer Financial Protection Bureau recently vacated its $105,000 settlement with Townstone Financial and ordered the company to be refunded after finding the bureau had engaged in misconduct by targeting the mortgage lender’s free speech protections.
A bill introduced last week by Sen. Mike Rounds (R-S.D.) would overturn the Consumer Financial Protection Bureau rule banning medical debt and medical bills from credit reports.
Federal Judge Mark Pittman earlier this week granted the Consumer Financial Protection Bureau’s request for a 30-day pause in a lawsuit challenging its legal authority to cap most credit card late fees at $8.
The Consumer Financial Protection Bureau voluntarily dropped enforcement actions this week against Capital One and Rocket Homes. The bureau also dropped lawsuits it had filed against Vanderbilt Mortgage and Finance, and others.
Acting Consumer Financial Protection Bureau Russ Vought recently opened a tip line on X for banks and other businesses to report CFPB staff for undertaking regulatory or enforcement work despite being called to cease activity.
President Donald Trump nominated former FDIC Board Member Jonathan McKernan to direct the Consumer Financial Protection Bureau.