CFPB Announcement Regarding Enforcement Actions Related to Buy Now, Pay Later Loans
AI Summary
• The CFPB will not prioritize enforcement actions related to the Truth in Lending Act for Buy Now, Pay Later loans accessed via digital user accounts.
• This announcement does not specify any new requirements or changes but clarifies the current regulatory stance.
Texas Relevance
The article does not explicitly mention Texas, TCUD, or any Texas-specific entities. It is a general CFPB announcement applicable to all credit unions nationwide.
Original Content
The CFPB is announcing that it will not prioritize enforcement actions taken on the basis of the Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans, 89 Fed. Reg. 47,068 (May 31, 2024) (“Buy Now, Pay Later”).