b'Total Actions by Product (with Recoveries)Number of Actions Amount of RecoveryMortgage Origination +ServicingDebt Collection +Settlement 1335 $271.1M Payday Lending +$45.1M Personal Loans10$149.0MAuto Lending Student Lending Credit, Debit +10 Credit 9 Prepaid Cards$35.2M Reporting $54.6M 61 $24.2M$0.0Mincreasing concern as to how Big Tech manages25 percent due at checkout. The CFPBs consumer payments and uses consumer information.announcement stated that it is looking to collect The orders were issued under the CFPBs rulemakinginformation on the risks and benefits of these fast-authority under Section 1022 of the CFPA, rather thangrowing loans from five leading BNPL companies. The pursuant to the Bureaus enforcement or supervisoryCFPB ordered the companies to submit information authorities. These orders raise the prospect of apursuant to the Bureaus authority under Section Bureau rulemaking related to Tech companies payment1022(c)(4)(B)(ii) of the CFPA, in order for the Bureau practices and their use of consumer data.to report to the public about industry practices and risks. The CFPB appears particularly concerned about Bank Regulators Rescind Trump-era Change toconsumer debt accumulation, regulatory arbitrage, and Community Reinvestment Act how BNPL companies harvest and use consumer data. In December, the OCC announced that it rescindedIn its announcement, the CFPB indicated that the ease a 2020 revision to the Community Reinvestmentof accessing BNPL options across multiple apps or Act (CRA). The 2020 revision removed various anti- web browser plug-ins may cause both overspending redlining protections, among other changes, and wasand consumer confusion, as well as possible payment implemented without input from the Federal Reservedifficulties and associated fees and charges. The CFPB or the Federal Deposit Insurance Corporation (FDIC).also speculated that some BNPL providers may not be The new rule is based on the original CRA rule adoptedadequately assessing which consumer protection laws jointly by the banking agencies and reflects theapply to their products and what associated regulatory agencies intent to work[] together to jointly strengthenrequirements must be met. The CFPB described its and modernize their CRA regulations in order toinquiry as directed at gathering information relevant achieve a consistent, modernized framework across allto those issues, as well as providers data collection banks to help meet the credit needs in the communitiesand marketing practices. The agency stated that it is in which they do business, including low and moderate- working with the Federal Reserve, state officials and income neighborhoods. several other countries on the BNPL inquiry, and that it expects to publish its findings. CFPB Opens Inquiry Into Buy Now, Pay Later IndustryIn December, the CFPB announced it was openingAppellate Highlights an inquiry into buy now, pay later (BNPL) services.Supreme Court Issues Landmark Business-Friendly BNPL is a type of deferred payment option presentedDecision Interpreting Definition of Autodialerto a customer at checkout that generally allows theUnder TCPAconsumer to split a purchase into smaller installments,In April, the U.S. Supreme Court resolved a circuit split typically four or less, often with a down payment of on the type of technology that constitutes an automatic 9'