On 20 January 2025, the House of Lords Financial Services Regulation Committee published a letter dated 17 January 2025 that it received from Nikhil Rathi, Chief Executive of the Financial Conduct Authority (FCA), regarding motor finance commission.
In the letter, Mr Rathi explains that the FCA’s rules on commission disclosure for credit brokers
In our latest podcast, our global Financial Services team discusses promotional messages on social media platforms, covering recent regulatory and enforcement developments in the UK, US and Dubai, as well as practical steps that global firms can be taking now in this area to manage their risk.
Listen to the episode here.
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On July 18, 2024, the Consumer Financial Protection Bureau (CFPB) issued a proposed interpretive rule to regulate offerings in the paycheck advance marketplace. The proposed interpretive rule would deem many paycheck advance products, sometimes marketed as “earned wage advances” or “earned wage access” (EWA) products, as consumer loans subject to the
Following on from our previous Regulation Around the World issue on buy now pay later (BNPL), we have published this short briefing note which provides a high-level snapshot of the state of play for BNPL legislation in three key markets – UK, US and Australia.
In a 7-2 decision, the Supreme Court of the United States ruled on May 16, 2024 that the current funding structure for the Consumer Financial Protection Bureau (CFPB) is constitutional. In Consumer Financial Protection Bureau et al. v. Community Financial Services Association of America, Ltd., et al., the Court held that the CFPB’s independent funding
On March 2, 2023, the Consumer Financial Protection Bureau (CFPB) published a new report analyzing the financial profiles of Buy Now, Pay Later (BNPL) borrowers. While the report finds that many BNPL borrowers who the CFPB observed used the product without any noticeable indications of financial stress, BNPL borrowers were, on average, much more likely
As we reported previously, a three-judge panel of the US Court of Appeals for the Fifth Circuit ruled on October 19, 2022 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
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
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
On 1 October 2021, the European Securities and Markets Authority (ESMA) issued a call for evidence on a number of retail investor protection topics under MiFID II.
The call for evidence follows a letter that ESMA received from the European Commission in July this year asking for assistance in the preparation of legislative proposals implementing