CFPB Steps Away from BNPL and Toward Military Issues
On May 6, the CFPB announced more details on its priorities. The agency said that it is not prioritizing enforcement actions based on an interpretive rule published in May 2024. That rule articulated the circumstances in which buy-now-pay-later creditors could meet the criteria as being card issuers under the Truth in Lending Act, triggering a variety of legal obligations.
Perhaps more importantly, while saying the CFPB will de-prioritize this avenue of enforcement, the CFPB specifically said it will keep its enforcement and supervision resources focused on threats to service members and veterans, among other consumers. The CFPB has repeatedly said it plans to focus on issues relating to military-affiliated consumers, and it is not immediately clear what risks the CFPB has in mind.
At the upcoming AFSA Independents Conference, this topic will be addressed at various committee meetings. Register here!
May 8th, 2025
