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On January 18, acting CFPB General Counsel Seth Frotman sent a letter to three representatives of consumer advocacy groups addressing the CFPB’s November 2020 advisory opinion on earned wage access products.
The advisory opinion concluded that this particular EWA program does not involve the offering or extension of "credit" within the scope of Regulation Z.
On January 24, the CFPB issued a notice and request for comment in the Federal Register regarding the Bureau's inquiry into "buy now, pay later" or BNPL providers.
The CFPB's concern with the experience of student borrowers is in line with a number of enforcement actions pursued by the Bureau against post-secondary schools.
CFPB will begin examining operations of post-secondary schools offering private loans to students and update procedures to include a section on institutional student loans. CFPB highlights its concern about the student borrower experience in light of past abuses at schools.