Fair Isaac Corp. (“FICO”) announced this week that it will begin including buy now, pay later (“BNPL”) data in consumer credit scores, as more Americans continue to turn to the non-traditional credit product to purchase goods and services. This announcement is the latest move in efforts to incorporate BNPL into the existing American credit ecosystem. According to FICO, credit scores incorporating BNPL data are expected to be available in this fall…
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Month: June 2025
ILLINOIS GOVERNOR APPROVES INTERCHANGE LAW DELAY
The Illinois state legislature has voted to postpone by one year the implementation of the Interchange Fee Prohibition Act (IFPA), a law to exempt taxes and tips from credit and debit card interchange fees. 2025 IL HB 742. The IFPA is slated to take effect on July 1, 2025. The bill awaits action by the governor….
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ILLINOIS LEGISLATURE VOTES TO DELAY INTERCHANGE LAW
The Illinois state legislature has voted to postpone by one year the implementation of the Interchange Fee Prohibition Act (IFPA), a law to exempt taxes and tips from credit and debit card interchange fees. 2025 IL HB 742. The IFPA is slated to take effect on July 1, 2025. The bill awaits action by the governor… Read More
ARBITRATION CLAUSE FOUND NOT ENFORCEABLE BECAUSE OF CHANGE CLAUSE
The United States Court of Appeals for the Fourth Circuit affirmed the lower court decision finding an arbitration clause in a consumer credit agreement not enforceable. Ford v. Genesis Financial Solutions, Inc., Case No. 24-1341 (4th Cir., May 30, 2025)… Read More