On May 22, 2024, the CFPB issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Thus, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards. 

On May 20, 2024, the CFPB took action against Western Benefits Group for charging illegal advance fees for student loan debt relief services and misrepresenting to consumers that advance fees would go toward paying down their loans. In addition, the company is alleged to have misrepresented that it was affiliated with and endorsed by the Department of Education, and that it would help consumers consolidate student loans, lower consumers’ monthly student loan payments, or obtain loan cancellation.

On May 16, 2024, the ABC News reported that the Supreme Court rejected a conservative-led attack that could have undermined the Consumer Financial Protection Bureau. The justices ruled 7-2 that the way the CFPB is funded does not violate the Constitution, reversing a lower court decision.

On May 15, 2024, Acting Comptroller Michael J. Hsu today testified on the OCC’s priorities before the Committee on Financial Services of the U.S. House of Representatives and provided an update regarding the Agency’s initiatives. In his testimony, Mr. Hsu discussed the OCC’s work to guard against complacency, adapt to digitalization, manage climate-related financial risk, and promote fairness in banking. 

On May 14, 2024, the CFPB distributed more than $384 million to about 191,000 consumers harmed by Think Finance due to its illegal lending practices. In November 2017, the CFPB filed a lawsuit against Think Finance, alleging that the company deceived consumers into repaying loans they did not owe.