The CFPB filed a Complaint against a payday lender, alleging that the company (i) concealed the option of a free repayment plan to consumers struggling to repay their short-term, high-cost loans and (ii) "made electronic withdrawals of consumers’ money without their authorization."
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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.
Two CFPB final rules on debt collection communications will go into effect on November 30, 2021.
The CFPB confirmed that the effective date of two final rules on debt collection communications remains November 30, 2021. The agency will withdraw an April 2021 proposal that would have extended the effective date to January 29, 2022.
A CFPB proposal to delay the effective date of two final rules amending Regulation F, which implements the Fair Debt Collection Practices Act, was published in the Federal Register.