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Last week, the CFPB issued its long-awaited report on buy-now-pay-later (BNPL) products.  While the report identifies consumer risk and harms arising from BNPL products, it does not discuss any actions that the CFPB plans to take based on the report.  Those follow-up actions were left for Director Chopra to preview in his prepared remarks on…

On September 13, 2022, Public Justice and other consumer advocacy groups sent a letter to CFPB Director Rohit Chopra urging the CFPB to limit the use of “forced” arbitration provisions by banks and other consumer finance companies.  According to reports appearing in Law360 and BNA, at a virtual event organized by Public Justice and…

In a blog post on Monday, the CFPB advised that it is concerned about the impact of rising car prices on consumer’s financial health, particularly consumers with sub-prime or near prime credit scores.  The most recent Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York concluded that the…

We recently wrote about a Law 360 report indicating that the CFPB appears unlikely, at least in the near future, to undertake new rulemaking that would regulate the use of consumer arbitration agreements.  The report was based on comments made by CFPB Director Rohit Chopra at a virtual meeting organized by Public Justice.  However, another…

If you’re collecting debt for nursing home care, you might want to double check who is responsible for payment.  Last week, in conjunction with a field hearing, the CFPB issued a new Consumer Financial Protection Circular and an Issue Spotlight on Fair Debt Collection Practices Act (FDCPA) and Fair Credit Reporting Act (FCRA) violations…

The CFPB has issued its long-awaited report on buy-now-pay-later (BNPL) products.  Titled “Buy Now, Pay Later: Market trends and consumer impacts,” the report is based on the information the CFPB received from the five providers of BNPL products to whom it issued market monitoring orders in December 2021 and comments received by…

According to a report appearing in today’s Law360, CFPB Director Rohit Chopra has indicated that the agency appears unlikely, at least in the near future, to undertake new rulemaking that would regulate the use of consumer arbitration agreements.  The CFPB’s previous rule—which would have forbidden companies from including class action waivers in consumer arbitration…

Jon Hill of Law360 was among a group of reporters to whom Director Chopra recently gave a series of interviews in which he provided significant insights into his views on a range of topics.  We review recent CFPB and other agency developments that provide context for Mr. Chopra’s comments, discuss what his comments reveal about…

A group of 12 Republican Senators have sent a letter to CFPB Director Rohit Chopra in which they urge him “to reverse course and stop using inappropriate tactics to harm financial institutions’ reputations and customer relationships in order to advance your liberal policy preferences.”

In their letter, the Senators assert that “rather than operating as…