Letters to Regulators: Letter in Response to the CFPB’s Inquiry into Buy Now, Pay Later
AFREF joined a letter to the CFPB in response to their inquiry into Buy Now, Pay Later (BNPL) credit products that are proliferating across market areas.
Tag Archives: CFPB
News Release: Groups Urge CFPB to Treat “Buy Now Pay Later” Products Like Credit Cards and Protect Consumers from Harmful Practices
WASHINGTON – More than 75 consumer, housing, civil rights, legal services, faith, community, small business, student borrower, and public interest organizations submitted a joint comment letter to the Consumer Financial Protection Bureau (CFPB) concerning Buy Now, Pay Later (BNPL) credit products. The groups are alarmed by the lack of regulation of this credit product, which is exploding in use, and urge the CFPB to view BNPL products as credit cards covered by the Truth in Lending Act (TILA), to start supervision of this market, and to look out for practices that harm consumers.
Letters to Regulators: Letter Urging the FDIC to Stop Permitting its Supervised Institutions to Front for Predatory Lenders Evading State Interest Rate Limits
AFREF and 14 allies sent a letter urging the FDIC to stop permitting its supervised institutions to front for predatory lenders evading state interest rate limits.
Letters to Regulators: Comment Letter in Response to CFPB’s Request for Comment on HMDA Data
AFREF joined a letter in response to the CFPB’s request for comment on Home Mortgage Disclosure Act (HMDA) data.
Letters to Regulators: Letters to Agencies on Pausing Foreclosures When There is a HAF Application in Progress
AFREF joined two letters, one to the CFPB and one to HUD, FHFA, VA and USDA, both calling on the agencies to halt foreclosure for 60 days when a homeowner has submitted an application for HAF funds and the servicer has been notified by the HAF administrator.
Letters to Regulators: AFREF Comment on CFPB Proposal to Collect Small Business Lending Data to Enforce Fair Lending Laws
AFREF submitted a comment on the CFPB’s proposal to collect small business lending data to enforce fair lending laws.
Letters to Regulators: Comment Letter in Response to CFPB’s Inquiry into Big Tech Payment Platforms
AFREF joined a letter to the CFPB in response to their inquiry into Big Tech payment platforms. The letter urges the CFPB to require person-to-person payment providers to protect consumers from fraud and errors, and to work with the Federal Reserve Board to ensure protections are in place before the Fed launches its new FedNow person-to-person service.
Letters to Regulators: Letter Urging CFPB Oversight of New Products like Buy Now, Pay Later (BNPL) Loans, Income Share Agreements, Cash Advances, “Fintech” Overdraft or Overdraft Avoidance Products, and Earned Wage Access Products or Look-Alike Products
AFREF joined a letter urging CFPB oversight of new products like buy now, pay later (BNPL) loans, income share agreements, cash advances, “fintech” overdraft or overdraft avoidance products, and earned wage access products or look-alike products that are evading consumer protection laws and creating debt traps for consumers. The letter states that the CFPB should supervise providers and ensure that each of these products are complying with applicable consumer protection laws.
Letters to Regulators: Second Comment Letter in Response to CFPB’s Inquiry into Big Tech Payment Platforms
AFREF, American Economic Liberties Project and Revolving Door Project sent a letter to the CFPB in response to their inquiry into Big Tech payment platforms. The letter expresses concern about Big Tech exploitation of digital payments technology, and expresses support for their recently opened inquiry into Big Tech’s power in this vital and growing market.
Letters to Regulators: Letter to the CFPB on the Need for Access to the Online Complaint System in Spanish
AFREF joined a letter to the CFPB highlighting the need for access to their online complaint system in Spanish.