Buy Now, Pay Later: Market trends and consumer impacts
Buy Now, Pay Later Lending Report – The CFPB published a report offering key insights on the Buy Now, Pay Later industry. The report, Buy Now, Pay Later: Market trends and consumer impacts, finds that industry grew rapidly during the pandemic, but borrowers may receive uneven disclosures and protections. The report identifies inconsistent consumer protections, data harvesting and monetization, and, debt accumulation and overextension.
From the CFPB
Obligation to Investigate Consumer Disputes – The CFPB, along with the FTC, filed an amicus brief, to ensure that that businesses that provide information to credit reporting companies comply with the law and investigate potential inaccuracies or errors as required. The brief indicates that a furnisher is required to investigate any dispute forwarded to it by a credit reporting company and can’t avoid that obligation by claiming a dispute is “frivolous.”
From the NCUA
Simplified CECL Tool - NCUA released a new tool to help small credit unions comply with the CECL standard, which goes into effect for most credit unions Jan. 1, 2023. The Simplified CECL Tool is designed for credit unions with less than $100 million in assets.
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