Since 2022, the Consumer Financial Protection Bureau (CFPB) has a stated priority of “protecting employees and their rights through conducting reports, inquiries, and issuing requirements for employers.” In July 2024, the...more
7/29/2024
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt ,
Earned Wage Access ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interpretive Rule ,
Loans ,
Payday Loans ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Wages
Since the early 2010s, there has been explosive growth in the Buy Now Pay Later ("BNPL") space. One of the early players—Affirm—was founded in 2012 by a co-founder of PayPal. By 2022, there are dozens of players in the BNPL...more
The Consumer Financial Protection Bureau (CFPB) issued two separate approval orders on Dec. 30 to Synchrony Bank and Payactiv, Inc. under the CFPB’s Policy on the Compliance Assistance Sandbox (“Sandbox Policy”). The...more