Global fintech and funding innovation ecosystem

Category Archives: Marketplace Lending/P2P, Lending, Digital Bonds, BNPL

Fig Financial: Canada’s First Digital Personal Loan Provider

Launch Release | Jul 10, 2024

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Fig Financial introduces a fully digital personal loan platform in Canada, with 10 second rapid approvals

With the launch of its services, Fig FinancialCanada's first fully digital personal loan provider—is changing the personal lending market with approachable online solutions. More than 9,000 Canadians have benefited from the company's over $135 million CAD in personal loan funding to date via various partnerships. Fig is now directly available to customers, offering a quicker, more transparent, and safe borrowing experience.

Overview

  • In as little as ten seconds, Fig Financial provides quick loan approvals. Unlike typical banks, where the application procedure can take days or weeks, this one can be finished in about ten minutes.
  • Users can easily apply for loans at any time and from any location thanks to the user-friendly, entirely digital application process. Flexible loan terms, payback plans, and amounts allow for customization to meet specific needs.

See:  How Fintechs Can Integrate AI for Efficiency Gains

  • Fig fills a significant void in the industry by offering straightforward, transparent and hidden-free information on loan terms.
  • The latest security protocols protect user's data.
  • The management team at Fig, led by CEO Francois Cote, has over 50 years of combined expertise in fintech and financial institutions. Fig's dedication to innovation and customer-focused solutions is emphasized by their experienced leadership.
  • With competitive interest rates starting as low as 12.99% right now. There are no early repayment penalties, so borrowers who pay off their loans early can save money on interest.

Francois Cote, CEO, Fig Financial:

“We are providing a true alternative to banks for every Canadian who needs better lending options. And we are doing what the banks won’t: making this experience entirely online. If you need to cover unexpected bills and expenses, make home improvements, or pay off your debt faster–whether it’s 3pm or 3am–Fig is available to you.”

See:  nesto Acquires CMLS Group, Katipults to Forefront of Canadian Mortgage Lending

Interested in Partnering with Fig Financial to Unlock Revenue?

  • According to their website, partnering with Fig Financial gives companies an easy, API-first approach to monetise their existing clientele and draw in new ones.
  • Even for near-prime and non-prime consumers, Fig offers flexible lending alternatives thanks to its excellent approval rates and sizable balance sheet, which is supported by Fairstone Bank.
  • Automated decisioning, comprehensive servicing and collections, and referral fees on loans are all advantageous to partners.

Outlook

With its quick, open, and safe digital platform, Fig is ready to compete in the sector and provide a strong alternative finance solution from traditional banking.


NCFA Jan 2018 resize - Fig Financial: Canada’s First Digital Personal Loan ProviderThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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nesto Acquires CMLS Group, Katipults to Forefront of Canadian Mortgage Lending

M&A | Jun 24, 2024

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Image: Nesto acquires CMLS group (release)

Backed by Major Investors, nesto Acquires CMLS Group Backed by Major Investors

As digital underwriting starts to take hold in Canada, digital mortgage lender, NESTO acquires CMLS Group, the third largest mortgage finance company in Canada, backed by major investors Diagram Ventures, Portage Ventures, National Bank of Canada’s corporate venture arm, IGM Financial, BMO Capital Partners, Fonds de solidarité FTQ, and Fondaction.  The combined company will manage over $60 billion in mortgages across the country and aims to combine the assets of both organizations to create a more efficient and customer-focused mortgage ecosystem.

See:  Canada’s Top FinTechs: Deloitte’s 2023 Fast 50

  • This acquisition sees nesto diversifying into commercial mortgage financing, a new area of expansion for the firm.  It's nesto's digital innovation together with CMLS Group's robust infrastructure that investors are combining to improve the mortgage process efficiency and accuracy for customers.  The combination broadens the overall customer base and national footprint, leading to increased market share and competitiveness.
  • Malik Yacoubi, CEO of Nesto, will oversee the united firm, while Sam Brown, CEO of CMLS Group, will remain president of the commercial division. Both brands will maintain their identities, preserving continuity and utilizing their established market reputations.
  • While the terms of the acquisition were not disclosed in the release, the deal is supposed by major investments from prominent financial institutions, demonstrating confidence in its potential.
  • The timing of this transaction aligns with the broader industry trends toward digital transformation and growing demand for more streamlined and customer-centric mortgage solutions.  See:  FundMore partners with EQBank to optimize mortage lending

Overview of CMLS Group

CMLS Group is one of Canada's largest independently held mortgage finance companies, known for its diverse portfolio of mortgage products and strong industry presence. CMLS Group, founded in 1974 in Vancouver, has over 40 years of experience in the mortgage market. It began with a concentration on commercial real estate financing before expanding to residential mortgages in 2012.

See:  Michael Katchen: Redefining Mortgage Accessibility

The company offers a diverse range of mortgage products, including residential mortgages, commercial lending, loan servicing, and institutional services. CMLS Group, Canada's third-largest mortgage finance company, manages mortgages worth more than $60 billion. This huge portfolio demonstrates the company's substantial involvement in the Canadian mortgage market.

The company's leadership has recently changed, with Sam Brown joining as president and CEO in early 2024. Chris Brossard assumed the role of executive chair of the board, assuring continuity in strategic direction and leadership. CMLS Group has created strategic alliances to expand its service offerings and market reach. The company's engagement with Canada Life for mortgage servicing demonstrates its commitment to offering comprehensive mortgage solutions.

Outlook

Nesto's strategic purchase puts it at the forefront of the future of Canadian mortgage lending. The combination of digital innovation and comprehensive mortgage solutions will benefit Canadian consumers by providing more competitive rates, improved services, and a streamlined mortgage process.


NCFA Jan 2018 resize - nesto Acquires CMLS Group, Katipults to Forefront of Canadian Mortgage LendingThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Nova Credit and RBC Partner to Bridge Newcomer Credit Cap

Release | Jun 21, 2024

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Nova Credit and RBC Join Forces to Simplify Financial Start for Newcomers

Nova Credit has announced a partnership with the Royal Bank of Canada (RBC) to make it easier for newcomers to Canada to obtain credit. Newcomers to Canada frequently find it difficult to obtain loans, credit cards, or mortgages since they do not yet have a Canadian credit history.

See:  RBC and Rogers Cybersecure Catalyst Launch New Fintech Incubator

Nova Credit's technology solves this problem by transforming international credit data into a format that Canadian lenders can comprehend and apply. This integration enables newcomers to carry their credit history from their home countries, thereby bridging the gap and providing more seamless access to financial goods in Canada.

Nova Credit is a credit infrastructure and analytics innovator committed to providing alternative credit data solutions. Nova Credit makes it easier for immigrants and newcomers to access financial services by converting international credit data into local equivalents.  Report:  2024 State of Alternative Credit Data

Partnership Features

  • This credit information passporting technology will be implemented into RBC's Global Credit Connect, allowing for real-time translation and integration of overseas credit histories into Canadian-equivalent scores.
  • Eligible arrivals can now qualify for a variety of financial services, including credit cards and auto loans, depending on their overseas credit history.
  • The partnership promises to make newcomers' experiences more inclusive and welcoming, as well as to help them integrate and stabilize their finances.

See:  BDC’s $250M Boost for Inclusive Entrepreneurship in Canada

Janet Boyle, Senior Vice President at RBC:

"Our goal is to make the financial transition for newcomers as seamless as possible. This partnership with Nova Credit allows us to extend immediate financial services to new Canadians, recognizing their creditworthiness from day one."

Collin Galster, Head of International at Nova Credit:

"Working with RBC is a major milestone in our mission to support immigrants. Together, we are creating a more inclusive financial system that acknowledges the diverse backgrounds of new Canadians."

A Step Towards Financial Inclusivity

This partnership has the potential to make Canada a more welcoming and financially accessible place for newcomers.


NCFA Jan 2018 resize - Nova Credit and RBC Partner to Bridge Newcomer Credit CapThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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EQ Bank and FundMore Partner to Optimize Mortgage Lending

Release | Jun 19, 2024

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FundMore and Equitable Bank Announce Partnership to Improve Mortgage Lending

FundMore, an artificial intelligence-powered mortgage underwriting platform, has scored a partnership with Equitable Bank, Canada's seventh-largest independent Schedule I challenger bank. This collaboration intends to streamline and improve the mortgage process, making it more efficient and accessible to borrowers across Canada.

  • The major purpose of this collaboration is to use FundMore's innovative technology to improve Equitable Bank's mortgage operations.
  • FundMore's platform uses artificial intelligence and machine learning to automate and improve mortgage underwriting accuracy, saving time and effort on mortgage approvals. This integration is expected to benefit both borrowers and lenders by reducing response times and improving risk evaluations.

See:  FundMore x Senso AI Launch Solution to Transform Lending

  • Quicker decision-making will also improve the overall customer experience while reducing the paperwork often involved with mortgage applications.
  • Initially, the new services will be provided in major markets such as British Columbia, Alberta, and Ontario. There are intentions to expand further depending on the success of the initial rollout and market demand. This strategic expansion aims to meet the needs of various customer groups, including owner-occupied purchases, refinances, and rental property investments.

Mahima Poddar, SVP and Group Head of Personal Banking at Equitable Bank, stated:

“Partnering with FundMore to implement the new LOS is a natural extension of Equitable Bank’s challenger commitment to drive change in Canadian banking. This AI-enhanced tool will allow us to unlock new levels of turnaround time, satisfaction, and engagement for our mortgage broker partners and employees. We are excited to work alongside a like-minded organization in FundMore as we continue to advance our innovation agenda and set new industry standards for excellence in mortgage lending.”​

See:  Fintech Fridays EP43: Taking the Mortgage Process From 40 Days to Minutes

Conclusion

By integrating the latest AI tech together with robust banking services, we can expect to see efficiencies and improvements in the near future.


NCFA Jan 2018 resize - EQ Bank and FundMore Partner to Optimize Mortgage LendingThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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The Pros and Cons of Taking on Personal Debt to Start Your Business

Jun 7, 2024

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Becoming a small business owner can be a dream come true. It means independence, doing things your way, and if your business model works, it can be the career move you needed to stay motivated when you wake up every morning.

Opening your small business and keeping it going in those early years costs money. Whether it’s paying a lease for a storefront, making sure suppliers get paid, or just giving yourself a runway to start finding clients and earning revenue, you need some cash up front to get the ball rolling.

One way to raise that capital is by taking out a personal loan. A personal loan is a line of credit that you can use for any number of reasons. Unlike a mortgage or car loan, there are no hard rules about how you can spend the money. The interest rate is typically lower than a credit card. The loan can either be unsecured or require collateral.

It can be a big risk taking out a personal loan to fund your small business, whether you’re just getting started or trying to keep your business afloat. Once you involve your personal finances, you’re on the hook for that money, whether your business survives or not.

How To Deal with Personal Debt from Your Small Business?

When you take out personal debt to help your business survive, you’re betting on your business’s ability to ride out the storm and eventually pay you back. That’s now always how the story goes, and if your business fails, you can find yourself facing a large personal debt and no way to pay it back in a reasonable period of time.

Your options for dealing with that debt depend on whether it is a secured or unsecured loan. Talking to a Licensed Insolvency Trustee is a great place to start. You can find out about debt relief options from sources like BankruptcyCanada.com and compare options like bankruptcy and consumer proposals.

If your debt is secured, you had to put up collateral, such as home equity or another asset. In that case, you may have to sell the asset to pay back your debts. Otherwise, the lender may be able to put a lien on it or seize it altogether. A lien is a legal claim to the asset that may allow the lender to seize it.

However, if your debts are unsecured, such as a personal loan or credit card debt, debt relief may be a better option. While bankruptcy is often the first thing people think of when they’re stuck deep in debt, consumer proposals are often a better choice that will protect your personal assets.

If you find yourself having to file bankruptcy, assets such as property and investments can still be at risk. A consumer proposal works quite differently.

Working with a Licensed Insolvency Trustee, you come up with a plan for repaying a fraction of the debt you owe over a period of up to five years without having to struggle against interest rates. You can wind up paying as little as 20% of the amount you initially borrowed.

See:  The AI Litmus Test: Good Businesses are Good Businesses, With or Without AI

Understanding what happens with debt when you can’t repay it can help you make better decisions for yourself and your business.


NCFA Jan 2018 resize - The Pros and Cons of Taking on Personal Debt to Start Your BusinessThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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The State of the Car Loan Industry in Winnipeg: 2024 Insights

May 29, 2024

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The car loan industry in Winnipeg, as well as across Canada, has seen significant shifts in 2024, influenced by economic changes, market demands, and evolving consumer behaviors. Here’s a detailed look at the current state and trends in the industry.

Rising Interest Rates and Loan Amounts

Interest rates for car loans have increased in recent years, driven by several factors including federal rate hikes and economic conditions. As of May 2024, average car loan interest rates for new vehicles hover around 7.18%, while used cars see rates as high as 11.93%. This rise in rates is particularly challenging for borrowers with lower credit scores, who face even higher rates, often exceeding 14% for new cars.

The increase in interest rates has also led to higher monthly payments for car loans. For example, borrowers in the non prime credit tier (scores 601-660) see average monthly payments of $782 for new vehicles and $547 for used ones​. These high costs necessitate careful financial planning and consideration of long-term affordability.

Inventory and Pricing Trends

The availability of new cars has improved significantly since the pandemic, which saw severe shortages and high prices due to disrupted supply chains. Now, inventories are catching up, leading to a stabilization in prices. New car prices, however, remain higher than pre-pandemic levels, with the average price of a new vehicle at $67,817​. Used car prices have also seen fluctuations but tend to offer more value for those looking to save​.

Increased inventories mean that buyers may find it easier to negotiate deals, with some price incentives and lower interest financing reappearing in the market​ (Kiplinger.com)​. This shift marks a return to a more balanced buyer-seller dynamic after years of a seller’s market dominated by scarcity.

Consumer Preferences and Market Shifts

There is a notable shift in consumer preferences towards hybrid vehicles, which are expected to account for a growing share of the market. Despite the increasing interest in electric vehicles (EVs), hybrids are gaining popularity due to their balance of fuel efficiency and practicality​. The used car market, while seeing a slight decline in prices, remains robust as consumers look for immediate availability and cost savings​.

Moreover, the market for electric vehicles is experiencing a nuanced evolution. Although sales are growing, they are not keeping pace with the increasing production, resulting in higher inventory levels at dealerships. This oversupply has led manufacturers to slow down their EV production plans, which means consumers might find better negotiation opportunities for EVs​​.

Financing Challenges and Opportunities

The increasing interest rates mean that monthly payments for car loans are also rising, with the average new car payment at a record $738 per month​​. This trend places additional financial pressure on consumers, particularly those with nonprime or subprime credit scores. However, this also opens up opportunities for specialized financial services to step in and offer competitive loan options tailored to various credit profiles.

In response to these challenges, borrowers are advised to explore all financing options, including those provided by online brokers and traditional financial institutions. Online brokers can offer a variety of loan options from multiple lenders, which is beneficial for those with lower credit scores who might face higher interest rates.

Finding the Best Car Loan Rates

For Winnipeg residents looking to navigate these financial waters, it's crucial to shop around and compare loan offers. This is where CarLoansWinnipeg.ca comes into play. They specialize in connecting borrowers with suitable lenders, offering a range of options regardless of your credit score. Their expertise can help you secure the best possible rates and terms, making the car buying process smoother and more affordable.

CarLoansWinnipeg.ca stands out by offering personalized service and a deep understanding of the local market. They work with a network of lenders to provide competitive rates and flexible terms, ensuring that you find a loan that fits your budget and needs. Whether you’re dealing with high interest rates due to lower credit or seeking the best deal on a new or used car, their services can make a significant difference.

Conclusion

The car loan industry in Winnipeg is navigating a complex landscape of rising interest rates and shifting market dynamics. As a consumer, staying informed and leveraging resources like CarLoansWinnipeg.ca can help you make better financial decisions and find the best deals in the market. Whether you’re looking for a new, used, or hybrid vehicle, having the right financial partner can make all the difference.

See:  A Decade of Change: The Evolution of the Car Market in Quebec (2014-2024)

In summary, the key to navigating the current car loan market is to stay informed about trends and leverage professional services that can offer competitive and personalized loan options. By doing so, you can ensure that your car buying experience is both financially sound and satisfying.


NCFA Jan 2018 resize - The State of the Car Loan Industry in Winnipeg: 2024 InsightsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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CFPB’s New BNPL Rule for Fintechs and Financial Institutions

BNPL | May 28, 2024

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What CFPB's New BNPL Rules Mean for Fintechs and Financial Institutions

Buy Now, Pay Later (BNPL) credit services have grown at a forceful pace in recent years and are pushing regulators to rewrite the consumer lending playbook. These services have made it possible for customers to make large purchases using installment payments instead of paying the full bill in one go. Recognizing this shift, effective July 22, 2024 the Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule to subject BNPL providers to the same existing regulatory framework binding traditional credit card issuers. The move is aimed at increasing consumer protection with BNPL transactions and to ensure fair lending within the growing sector. Here's a look at what's changing and what it means for fintechs and financial institutions.  See:  press release

Background and Rationale

Over the last couple of years, BNPL services—led by companies such as Afterpay, Klarna, and Affirm—have grown explosively, giving consumers easy access to splitting their purchases into smaller chunks, often interest-free. Key growth drivers have been the service's attractiveness relative to traditional credit, ease of onboarding, and ease of use.  The speedy scaling of these companies has been met with growing concerns over consumer protection and financial literacy.

New Definition of Card Issuers

BNPL providers are now defined as "card issuers" under Regulation Z. Similar regulatory requirements for card issuers (credit card companies) are now required for BNPL providers, which includes consumer safeguards:

See:  Experian to Include Apple’s BNPL Data in Credit Reports

  • Required dispute settlement, such as a time-bound investigation and resolution
  • Streamlined refund process is made available in case the product is returned
  • Periodic detailed billing statements showing all the fees and charges
  • BNPL providers are generally exempt from subpart G of Regulation Z. Several part G topics exist in the CFPB rule, such as certain penalty fee limits and the ability-to-repay requirements

Implications and Compliance

This will be an industry-wide change, in which many BNPL providers (especially smaller ones) will have to make a complete overhaul of their operations. While large providers may already embrace some of these practices, the baseline standards will be applicable to everyone with the new rule. The latter might level the playing field (with traditional card issuers) but also contribute to additional costs in terms of compliance and regulatory oversight.

The rule will benefit consumers in many ways. They are expanded protections that ensure consumers can dispute charges and obtain refunds with less fear of financial injury or inconvenience. Requiring more transparent billing should also make it easier for consumers to understand the terms of their BNPL agreements, and therefore make more informed financial decisions. Overall, the proposed changes will make for a safer and clear lending environment for BNPL users.

See:  Klarna’s Meteoric Rise in the Canadian Financial Ecosystem

The best way to comply with the new regulation is to review current practices and check their relevancy with the new regulatory requirements. The customer service and dispute resolution teams must be adequately trained to deal with complaints in an appropriate manner. This amounts to the building of sound billing arrangements, offering clear statements useful to the consumer. The BNPL player should engage legal and regulation experts to be updated on further developments or adjustments to the rule.

Outlook

The willingness of the CFPB to take in public comments and adjust the rule as the case might be is an indicator that the BNPL services will be anything but a changing regulatory environment.  The new interpretive rule provides BNPL providers with the protections offered by Regulation Z and ensures that consumers benefit from similar rights and that potential risks are limited to those observed with other types of credit cards. For financial institutions and fintechs, this rule requires strategic adjustments and a long term commitment to compliance.

FAQ

What is Regulation Z?

Regulation Z, also known as the Truth in Lending Act (TILA), is a federal law enacted in 1968 to promote informed use of consumer credit by requiring disclosures about its terms and cost. It applies to various types of credit, including mortgages, credit cards, and other consumer loans.

See:  37% Globally to Use Local Payment Methods by 2028

How does the new CFPB rule impact BNPL providers?

It considers BNPL providers "card issuers" under Regulation Z and, therefore, when it becomes mandatory to comply with its consumer protection measures, including dispute resolution and the need to issue a detailed billing statement.

What are some of the consumer protections included in the new rule?

What comes to mind is the right to dispute charges, streamlined refund processes, and periodic billing statements with a disclosure of all fees and charges from BNPL loans.

What are the exceptions to the new BNPL rule?

In general, the rule exempts BNPL providers from subpart G of the Regulation Z, which provides for the limits on certain penalty fees and the ability-to-repay requirements.

How can fintech companies ensure compliance with the new rule?

See:  Putting it Into Perspective: Buy Now, Pay Later and Consumer Debt

Fintech companies should vet their practices against the new regulatory requirements, invest in strong billing systems, and invest in training for their customer service departments while engaging with experts in the legal and regulatory field to keep them updated on any further development.

What is the future for BNPL regulation?

BNPL services are still evolving in regulation, and both the fintechs and traditional financial services institutions should remain proactive to these changes and keep on changing their strategies in order to comply and be ahead in the competition for responsible lending practices.


NCFA Jan 2018 resize - CFPB's New BNPL Rule for Fintechs and Financial InstitutionsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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