The CFPB states in the amicus brief that the product meets the definition of credit under the federal Truth in Lending Act (“TILA”) because it grants a right to defer payment of a debt.

Reining in the CFPB has long been a target of Republicans and tech executives after the Biden administration implemented new regulations to address predatory lending and credit card and banking fees.

Since 2021, the consumer watchdog agency has carried out a campaign to combat redlining and race-based discriminatory lending in the mortgage industry. A number of major banks and nonbanks have been ...

which led to exorbitant charges for consumers, CFPB Director Rohit Chopra said in a statement. “To ensure fair competition and to protect the public, the CFPB is carefully watching lending ...