Lawmaker Calls for Federal Review of Growing Rent Now, Pay Later Industry

A member of Congress is urging federal regulators to examine the rapidly expanding “rent now, pay later” (RNPL) industry, raising questions about consumer protections, fee transparency, and the role landlords may play in promoting these payment options.  U.S. Rep. Maxwell Frost (D-Fla.) recently sent a letter to Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought requesting that the agency investigate RNPL providers for potential violations of federal consumer financial protection laws. […]

New York Proposes Comprehensive Regulations for Buy Now, Pay Later Providers

The New York State Department of Financial Services (DFS) has proposed a new regulatory framework that would bring Buy Now, Pay Later (BNPL) providers under formal state oversight, marking one of the most comprehensive efforts to regulate the rapidly growing industry.  Published on July 15, 2026, the proposed rule would implement state legislation requiring most BNPL providers operating in New York to obtain a state license and comply with consumer protection standards similar to those that […]

Hawaii Establishes Medical Debt Acquisition and Forgiveness Program

Hawaii Gov. Josh Green has signed Senate Bill 3025 into law, officially creating the Medical Debt Acquisition and Forgiveness Program. Administered by the Office of Wellness and Resilience within the Department of Human Services, the initiative establishes a process for eliminating qualifying medical debt for eligible Hawaii residents.  Under the program, the state’s contracted nonprofit partner, Undue Medical Debt, purchases portfolios of medical debt directly from health care providers and collection agencies. Eligible individuals […]

House Financial Services Committee Advances Credit Reporting and Financial Services Bills 

The House Financial Services Committee has advanced 10 bills to the full House of Representatives following a June markup hearing. Several of the measures focus on the Fair Credit Reporting Act (FCRA), credit reporting practices, and access to credit.  Committee members debated the legislation largely along party lines, with discussions focusing on balancing consumer protections, regulatory oversight, and access to financial services.  During the markup, Committee Chairman French Hill, R-Ark., stated that the legislation is intended […]

Washington, D.C. Medical Debt Legislation Advances Despite Mayor’s Concerns 

Washington, D.C., Mayor Muriel Bowser has raised concerns about the City Council’s recently passed medical debt legislation, which would significantly change how medical debt is managed, reported and collected throughout the district.  The D.C. City Council unanimously passed the Medical Debt Mitigation Amendment Act of 2025 (Bill 26-438) in June and sent the legislation to the mayor for approval. While Bowser expressed support for provisions intended to strengthen protections for patients, she returned […]

Rohit Chopra Sworn In to Lead California’s Business and Consumer Services Agency 

Rohit Chopra has officially been sworn in as secretary of California’s newly established Business and Consumer Services Agency (BCSA), following his appointment by Governor Gavin Newsom in May.  The BCSA includes the California Department of Financial Protection and Innovation (DFPI), which oversees licensed debt collectors in the state, along with several other regulatory agencies. In addition to the DFPI, the agency oversees the Department of Alcoholic Beverage Control, Alcoholic Beverage Control Appeals […]

Massachusetts Proposes Ban on Medical Debt Credit Reporting

The Massachusetts Department of Public Health (DPH) has proposed new regulations that would prohibit health care providers and third-party debt collectors from reporting medical debt to consumer credit reporting agencies.  The proposal follows Gov. Maura Healey’s announcement during her 2026 State of the State Address, where a ban on medical debt credit reporting was identified as one of the administration’s key health care initiatives.  The proposed regulations apply to two […]

New York City Releases Final SHIELD Rule Updates Ahead of September 2026 Effective Date 

The New York City Department of Consumer and Worker Protection (DCWP) has published an updated Notice of Adoption for its debt collection SHIELD Rule, confirming that the regulations will take effect on Sept. 1, 2026.  The updated notice incorporates revisions made earlier in 2026, including changes to reporting requirements for collection agencies, updated validation and verification procedures, and the finalized penalty schedule for rule violations. The latest version of the […]

Michigan Lawmakers Advance Medical Debt Reform Legislation

Michigan lawmakers are moving forward with a series of bipartisan bills that would significantly change how medical debt is collected, reported, and managed throughout the state. The legislative packages would establish new requirements for medical debt collection practices, limit credit reporting of medical debt, and create uniform hospital financial assistance programs.  The proposed reforms follow a call from Michigan Governor Gretchen Whitmer during her 2026 State of the State address to address the impact […]

Late Payments Rise as Buy Now, Pay Later Usage Expands Beyond Retail Purchases

Buy now, pay later (BNPL) services continue to grow in popularity, but recent survey data suggests repayment challenges are becoming more common among users.  According to a recent LendingTree survey, 41% of consumers who used BNPL services reported making a late payment on an installment plan within the past year. That figure represents a notable increase from 34% reported during the previous annual tracking period, highlighting a steady rise in repayment issues across the BNPL market. Despite […]