The CFPB issued guidance on navigating "pay-to-pay" debt collector fees, often described as "convenience fees."
News & Insights
The CFPB updated its supervisory operations and examinations manual to better pursue "discrimination in all consumer finance markets, including credit, servicing, collections, consumer reporting, payments, remittances, and deposits."
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.
The CFPB highlighted findings from supervisory examinations completed between January 2021 and June 2021. The examinations covered, among other things, credit card account management, debt collection, deposits, fair lending, mortgage servicing and payday lending.
New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act. The Act addresses predatory debt collection practices.