Eamonn Moran

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Fifth Circuit says that CFPB funding mechanism violates constitution

A three-judge panel of the US Court of Appeals for the Fifth Circuit ruled on October 19 that the current funding mechanism for the Consumer Financial Protection Bureau (CFPB) is unconstitutional. Specifically, in Community Financial Services Association of America v. Consumer Financial Protection Bureau, the court held that the CFPB’s independent funding through the Federal … Continue Reading

Buy Now, Pay Later (but take note of the immediate application of the FTC Act)

We recently reported on recent steps taken by the Consumer Financial Protection Bureau (CFPB), which suggest increased US regulation of the Buy Now, Pay Later (BNPL) sector in the coming weeks and months. Shortly after the CFPB published its report on the industry, the Federal Trade Commission (FTC) issued a blog post that lists three … Continue Reading

All signs point to increased US regulation of Buy Now, Pay Later

Driven by an increase in online and mobile app shopping during the COVID-19 pandemic, the Buy Now, Pay Later (BNPL) market has experienced exponential growth as an innovative consumer offering, particularly for the unsecured credit market. The explosion of the BNPL market, however, is attracting scrutiny from financial services regulators concerned about the lack of … Continue Reading