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VitalLaw: CONSUMER CREDIT—CFPB receives public comments on ‘buy now, pay later’ programs

VitalLaw, March 28, 2022, CONSUMER CREDIT—CFPB receives public comments on ‘buy now, pay later’ programs

The Consumer Bankers Association (CBA) and the National Community Reinvestment Coalition (NCRC) have responded to the Consumer Financial Protection Bureau’s request for public comment on “buy now, pay later” (BNPL) products and business practices. BNPL credit is a deferred payment option, allowing consumers to purchase an item and split its price into smaller installments, generally paying a down payment at the time of checkout and paying the remaining balance over time. NCRC reports that “BNPL services have gained substantial adoption among consumers and are now a commonplace alternative in online shopping carts,” noting that more than 45 million consumers were active users by the end of 2021, accounting for the facilitation of approximately two percent of all online retail sales.

 

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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