The CFPB sued an online lender and several subsidiaries for violating the Military Lending Act by, among other counts, imposing fees that exceeded the Act's limit of 36 percent Military Annual Percentage Rate.
In a new report, the CFPB identified "Buy Now, Pay Later" credit program and product risks; CFPB Director Rohit Chopra directed staff to take additional action.
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."
The CFPB requested information from credit card issuers, consumer groups and the public regarding credit card late fees and card issuers' revenue and expenses. An advance notice of proposed rulemaking was published in the Federal Register with a comment deadline set for July 22, 2022.