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The Consumer Financial Protection Bureau recently confirmed it intends to treat ‘buy now, pay later’ lenders as credit card providers by issuing an interpretive rule under which they must provide similar legal provisions.
The U.S. Supreme Court has ruled the Consumer Financial Protection Bureau is constitutionally funded.
A federal judge last week issued a preliminary injunction against the Consumer Financial Protection Bureau’s proposal to cap most credit card late fees at $8. The May 10 ruling from Northern District of Texas Judge Mark Pittman came four days before the rule was to take effect.
The Consumer Financial Protection Bureau recently filed a $5 million lawsuit against student loan servicers National Collegiate Student Loan Trusts and American Education Services for allegedly ignoring thousands of payment relief requests over six years.
Consumers often pay more for products with more complex pricing structures, according to an April 30 Consumer Financial Protection Bureau report.