Current Industry News
Details Released on State-by-State Student Debt Relief
The Biden administration and U.S. Department of Education (DOE) have released new details on the targeted student debt relief plan and student loan payments set to resume in January 2023, including state-by-state data on the impact for borrowers.
CFPB Plans to Increase Regulation over “Buy Now, Pay Later” Lenders
The Consumer Financial Protect Bureau (CFPB) issued a release on September 15, 2022, announcing its intent to issue additional interpretive guidance or rules to ensure “Buy Now, Pay Later” (BNPL) lenders comply with the same or similar regulations already established for credit cards following a study on the industry.
CFPB Releases RFI on Mortgage Servicing Rules Signaling Potential for Future Regulatory Reform
On Thursday, September 22, 2022, the Consumer Financial Protection Bureau (CFPB) issued a new request for information (RFI) regarding mortgage servicing, potentially opening the door for much-needed regulatory reforms. The RFI is focused on inquiries regarding refinances and, more generally, ways to streamline short and long-term loss mitigation options. It includes 37 specific requests, allowing 60 days for the public to submit comments and responses.
Buy Now, Pay Later Stretches Limits of Consumer Credit, According to Achieve Center for Consumer Insights Study
SAN MATEO, Calif., Sept. 22, 2022 /PRNewswire/ — The rapid growth of buy now, pay later (BNPL) financing has had a cascading effect on consumer debt levels, according to a new study by Achieve, the leader in digital personal finance.