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.
JPay, a company that helps the government distribute money to people at the end of their prison sentences through debit cards, charged consumers fees to access their own money, the bureau said in its complaint.
Amazon, Apple, Facebook, Google, PayPal and Square have been ordered to provide information regarding their payment platforms. The CFPB said the order was part of a market monitoring effort.
Rather than going after credit repair companies for violating the Telemarketing Sales Rule, the CFPB filed a lawsuit against a software company and its owner for aiding credit repair companies.
More than 10 years after a mandate in the Dodd-Frank Act, the CFPB proposed data collection requirements for small business lending. The proposal could impact around 5,000 lenders.
Consumer advocates are largely pleased with the proposal while lenders sounded alarms. The CFPB acknowledged that the data collection will prompt significant costs.
In a first-of-a-kind study, the CFPB examined commercial credit reporting and its impact on consumer credit. But is the bureau highlighting an area for later enforcement action?