Buy now, pay later offerings are embedding themselves in consumer behavior, and the CFPB has taken notice.

Two CBA executives argued that regulation by enforcement means compliant behaviors can change at a moment’s notice and cause confusion for the industry as firms try to interpret enforcement outcomes. Rulemaking and guidance, they believe, is the way to go.

A partner at Alston & Bird said the bureau’s orders to six tech firms operating payment systems may have violated the Paperwork Reduction Act. The rule requires months of public outreach and OMB approval before information collection requests can be sent.

The bureau held a press call last week discussing data on overdraft and NSF fees from two reports and outlining the steps it intends to take to reduce such fees. The reports show banks’ revenue from these fees is relatively stable, save for a significant drop in 2020.

Since a November congressional hearing, evidence that BNPL is here to stay has only grown. Consumer advocates are asking CFPB to step in and regulate the space.

Senate Democrats called on the CFPB to increase oversight of credit reporting agencies. The CFPB director, though, is skeptical of creating a government-run credit reporting agency.

The CFPB’s new director showed an interest in the question of qualified mortgage standards, but gave no indication as to whether the rule would see significant changes in the coming months.

In congressional hearings, CFPB Director Rohit Chopra doubled down on his concerns about “algorithmic redlining,” indicating that lenders can expect more robust enforcement on the practice.

The CFPB reiterated that, as COVID-19-related forbearance protections expire, it will be keeping close watch on servicers’ actions.

New York to apply CRA standards to nonbanks; CFPB announces 2022 regulatory thresholds under TILA; CFPB issues advisory opinion on mistaken identity matching.