In a court filing last week, the administration offered a revised plan to lay off nearly 53% of the bureau’s current staff, downsizing the agency from 1,174 employees to 556.

The trade group asked the bureau to raise the loan reporting threshold for HMDA and remove the quarterly reporting requirement. NCRC asked the CFPB to retain its current HMDA data collection efforts.

A senior official at NYDFS said the state regulator isn’t trying to fit buy now, pay later loans into an outdated regulatory box, but is trying to ensure the framework reflects the product as it actually exists today.