Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month's article, we share some of our top "bites" for the prior month covered during the December 15 webinar.

So, what happened at the CFPB in the past month?

Bite #10 - The CFPB called tech workers to act as whistleblowers.

The CFPB announced that it wants whistleblowers to report misconduct to the agency. After starting to collect whistleblower complaints 10 years ago, the CFPB has redesigned the whistleblower web page to include additional information about submitting information, the process once information is submitted, and the information sought by the CFPB. The CFPB welcomed information from current or former employees, contractors, vendors, and competitor companies.

Bite #9 - The CFPB opened an inquiry into "Buy Now, Pay Later" transactions.

The CFPB issued orders to five companies offering "buy now, pay later" (BNPL) transactions to collect information on the risks and benefits of these transactions. BNPL providers have touted their services as a safer and more widely available alternative to credit-card debt. The CFPB expressed concern about consumers accumulating debt, regulatory arbitrage, and data harvesting. As part of the CFPB's inquiry, the agency is working with other regulators in the U.S., plus international partners in Australia, Sweden, Germany, and the...

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