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 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.
The CFPB charged a mortgage lender with using exaggerated and misleading home estimates to encourage customers to take out reverse mortgages.
An FTC final rule amending requirements that allow a consumer to prohibit the use of certain information obtained from affiliates for customer solicitation was published in the Federal Register.