The CFPB ordered five companies to provide information regarding their "buy now, pay later" credit programs. The CFPB expects to publish findings on the risks of these programs concerning accumulation of debt, regulatory arbitrage and data harvesting.
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The CFPB charged a credit-repair software and solutions company and its CEO with assisting credit-repair businesses in their collection of advance fees from consumers, in violation of the Telemarketing Sales Rule.
The largest publicly traded debt buyer in the U.S. settled CFPB charges for improper debt-collection acts and practices.
In comments supporting a CFPB proposal to amend the Fair Debt Collection Practice Act, the FTC recommended that the CFPB require collectors to adopt procedures to ensure consumers receive notices.
The CFTC's proposed amendments to the trade option exemption for end users were published in the Federal Register. The trade option exemption pertains to reporting requirements for trade option counterparties that are not swap dealers or major swap participants, as well as to recordkeeping requirements for trade option counterparties that are not swap dealers or major swap participants. The CFTC proposed the elimination of the Form TO annual notice reporting requirement for otherwise unreported trade options in CFTC Rule 32.3(b). Under the proposal, a counterparty that is not a swap dealer (