# Private Credit’s New Obsession: Buy Now, Pay Later

An episode of [Big Take](https://invisiblenetwork.ai/podcast/1578096201), 6 Jul 2026, 21 min.

Audio: https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/UVBrz8bN8aM2Xe47PEPu/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/825d4e29-b616-46f4-afd7-ae2b0013005c/da81ac68-d9f8-4ce2-ac2b-b47f0169bf19/audio.mp3?utm_source=Podcast&in_playlist=8b1dd624-a026-43e9-8b57-ae2b00130066

Two opaque corners of finance have joined forces: shadow banking and phantom debt. Put another way, private credit firms are backing Buy-Now-Pay-Later companies to finance their expansion into the US consumer market. On today’s Big Take podcast, guest host Stacey Vanek Smith joins Bloomberg reporters J.J. McCorvey and René Ismail to discuss what private credit’s involvement in BNPL means for everyday borrowers, why it’s raising concerns and whether the risks hiding in these spaces could spill over into the rest of the economy. Read more: Private Credit Is Making Bets on Consumer Debt at a Precarious Time Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by J.J. McCorvey and René Ismail; Edited by Naomi Shavin. Fact-checking by Julia Press and Laura Newcombe; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
[0:09] Speaker 2: By Now Pay Later has taken the US consumer market
[0:12] Speaker 2: by storm in recent years, helping people break up payments
[0:15] Speaker 2: for everything from computers to close to burritos.
[0:18] Speaker 1: There's a firm, there's Klarna, there's after pay, there's Sesel,
[0:24] Speaker 1: there's PayPal.
[0:25] Speaker 2: JJ McCorvey is a consumer protection reporter at Bloomberg. He's
[0:29] Speaker 2: been following the rise of buy now, Pay Later since
[0:31] Speaker 2: the mid twenty tens and the so called phantom debt
[0:35] Speaker 2: that comes with it.
[0:36] Speaker 1: A lot of those short term binipilator loans are not always.
[0:41] Speaker 3: Reported to credit bureaus.
[0:43] Speaker 1: So, you know, something that analysts were telling us is
[0:47] Speaker 1: that greater transparency was needed to kind of get a
[0:52] Speaker 1: larger and fuller picture of a consumer's obligations. And I
[0:57] Speaker 1: just never considered that there was this larger machine kind
[1:02] Speaker 1: of powering this industry until Renee in not kind of
[1:06] Speaker 1: locked brains.
[1:07] Speaker 2: Renee would be Bloomberg Private credit reporter Renee Ismail.
[1:11] Speaker 3: It's very similar to you know, when you hear the
[1:14] Speaker 3: term shadow banking.
[1:15] Speaker 2: Right, shadow banking aka private credit. These are lenders who
[1:20] Speaker 2: operate like banks but are less regulated. And now that
[1:24] Speaker 2: industry is getting involved with buy now, pay later companies.
[1:27] Speaker 3: In terms of the appeal for a private credit manager,
[1:31] Speaker 3: these are ways that the private credit manager can get
[1:34] Speaker 3: access to a steady, predictable stream of short term assets
[1:39] Speaker 3: right and for the buy now, Pay later firm, they
[1:41] Speaker 3: love that because essentially they get to move risk off
[1:44] Speaker 3: of their books. So the buy now, Pay later firm
[1:47] Speaker 3: will originate the loans, bundle them up, and then sell
[1:51] Speaker 3: that on to private credit managers.
[1:53] Speaker 2: For private credit, it's an exciting place to be. Buy now,
[1:57] Speaker 2: pay Later is being used in more and more e
[1:59] Speaker 2: commerce sales in the US. Nearly eight percent of total
[2:03] Speaker 2: online spending in the first four months of twenty twenty
[2:05] Speaker 2: six happened through buy now, Pay Later programs in the US,
[2:09] Speaker 2: totally nearly twenty nine billion dollars. Of course, the success
[2:13] Speaker 2: of this partnership hinges on American's ability to repay these loans.
[2:18] Speaker 2: And this is all coming at a time when US
[2:20] Speaker 2: consumers are increasingly understrained.
[2:24] Speaker 1: We just we don't know what happens in a downturn,
[2:27] Speaker 1: you know. So currently US households have a record nineteen
[2:33] Speaker 1: billion dollars in debt right now, according to last month's
[2:37] Speaker 1: CPI inflation outpaced Americans paychecks, and you know there are
[2:43] Speaker 1: signs that buy not pay later consumers are having some
[2:47] Speaker 1: trouble keeping up with the loans.
[2:52] Speaker 2: I'm Stacey Vanocksmith in for Sarah Holder and David Gerra,
[2:56] Speaker 2: and this is the big take from Bloomberg News Today.
[2:59] Speaker 2: On the show, two opaque corners of finance come together.
[3:02] Speaker 2: What private credits involvement in buy now, pay later means
[3:06] Speaker 2: for consumers, why it's raising concerns, and whether some of
[3:09] Speaker 2: the risks in this space could spill over into the
[3:12] Speaker 2: rest of the economy. When consumer protection reporter JJ McCorvey
[3:22] Speaker 2: and private credit reporter renee Ismail began working together on
[3:25] Speaker 2: their private credit meets by Now, Pay Later story, things
[3:29] Speaker 2: quickly got a little bit paranormal. So you wrote this
[3:34] Speaker 2: story that is very much under the radar in the
[3:40] Speaker 2: financial world right now. There are a lot of big
[3:42] Speaker 2: stories going on, and I feel like this is the
[3:44] Speaker 2: convergence of two things we've heard something about. One is
[3:48] Speaker 2: private credit, which is often called shadow banking. The other
[3:52] Speaker 2: one is by now, Pay later, which is sometimes called
[3:54] Speaker 2: phantom debt. So essentially, you decided to report a st
[4:00] Speaker 2: st on shadow phantoms. This is how I've come to
[4:03] Speaker 2: think of it. These are two kind of esoteric worlds
[4:06] Speaker 2: for people who may at least have heard the term
[4:08] Speaker 2: but may not be familiar with it. What exactly is
[4:12] Speaker 2: buy now, pay later.
[4:13] Speaker 3: So buy now, pay later is a flexible payment option
[4:17] Speaker 3: that allows shoppers to take bigger ticket purchases and break
[4:21] Speaker 3: them down into smaller, bite sized payments that could be
[4:25] Speaker 3: made over time.
[4:26] Speaker 2: And as far as I understand it, you don't pay interest.
[4:29] Speaker 2: You can just split up the payment. Instead of paying
[4:31] Speaker 2: one hundred dollars, you can just split it up into
[4:33] Speaker 2: more payments of twenty five dollars spread over six months,
[4:37] Speaker 2: and it's not like a credit card where I would
[4:39] Speaker 2: end up paying more.
[4:40] Speaker 1: Some buyopolated companies offer the option to split your payments
[4:46] Speaker 1: from six to eight weeks. And then there's like longer
[4:50] Speaker 1: term financing, which a firm was kind of one of
[4:53] Speaker 1: the early players in this space. And now you see
[4:56] Speaker 1: Klarna expanding further into longer term purchases and those usually
[5:00] Speaker 1: come with interest.
[5:03] Speaker 2: How long have these companies been operating?
[5:06] Speaker 1: I think I first started hearing about buy not pay later,
[5:10] Speaker 1: and like the mid twenty tens, and you know, then
[5:14] Speaker 1: you had competitors kind of popping up over time, people
[5:18] Speaker 1: embracing it at a faster rate, especially during the pandemic.
[5:22] Speaker 1: I think, you know a lot of us were at home,
[5:24] Speaker 1: you know, looking for a ways to spend all this
[5:26] Speaker 1: extra money that we had, and you know, tada, here
[5:30] Speaker 1: are more options for you to spread.
[5:34] Speaker 2: America delivered, Yes, as it does. Okay, So credit cards,
[5:38] Speaker 2: I know, I understand how they make money. That's really clear.
[5:41] Speaker 2: If I pay twenty five dollars out of one hundred,
[5:43] Speaker 2: then they charge interest on the rest as I slowly
[5:46] Speaker 2: pay it off. Why not pay later? How do they
[5:49] Speaker 2: make money? How do these companies actually turn a profit?
[5:53] Speaker 1: Typically that involves merchant fees. So retailers really love buy
[5:57] Speaker 1: not pay later because it encurres just repeat spending, and
[6:01] Speaker 1: it kind of gives you that extra nudge, you know,
[6:04] Speaker 1: when you're you may have something sitting in your Amazon cart,
[6:08] Speaker 1: and maybe you don't want all that money to come
[6:10] Speaker 1: out of your checking count at once. And so if
[6:13] Speaker 1: there's a button that lets you say, you know, break
[6:16] Speaker 1: it up into three or four payments across three or
[6:18] Speaker 1: four months, even you might be a little more likely
[6:21] Speaker 1: to hit that buy button.
[6:23] Speaker 3: You know, from a retailer standpoint, When you give shoppers
[6:28] Speaker 3: the breathing room that comes with binipilator services, it's just
[6:33] Speaker 3: going to encourage more traffic, right, more people coming into
[6:36] Speaker 3: the door at the end of the day.
[6:37] Speaker 1: The hallmark use of Bunipilator, at least as it started
[6:41] Speaker 1: financing these big purchases. And I think over the past
[6:44] Speaker 1: couple of years, what you've seen is this gradual kind
[6:47] Speaker 1: of push into groceries and essentials, as in our story
[6:52] Speaker 1: with our subject Verdell Wright, who lost his job last
[6:56] Speaker 1: year and is now using Bunipilator to kind of make
[6:59] Speaker 1: in some meet you know. So he's buying grocerites from
[7:02] Speaker 1: ald and he's also buying a toothbrush and pre workout
[7:06] Speaker 1: supplement and bathroom cleaner on Amazon. And I think our
[7:11] Speaker 1: reporting shows that that's not necessarily by accident. What do
[7:15] Speaker 1: you mean, Well, I think if you look at some
[7:18] Speaker 1: of the largest deals between private credit and binipilator companies
[7:23] Speaker 1: to purchase some of these binipilator loans. Even they say
[7:28] Speaker 1: in the press releases, right, you know, so Klana makes
[7:32] Speaker 1: a deal with the private credit firm Elliott right Renee,
[7:36] Speaker 1: and they say this will help us expand our longer
[7:40] Speaker 1: term loans to US consumers, you know, to meet their
[7:43] Speaker 1: accelerating demands. So the expansion of binipilator companies into these
[7:50] Speaker 1: more essential everyday products I think is kind of pushed
[7:55] Speaker 1: via private credit money.
[7:57] Speaker 2: What is private credit exactly? For people who don't know.
[8:01] Speaker 3: Yeah, you could think of private credit as non bank lending.
[8:04] Speaker 3: Typically these come from credit managers and they extend usually
[8:08] Speaker 3: longer term loans to middle market companies that may not
[8:12] Speaker 3: be able to take out loans from banks.
[8:14] Speaker 2: Why wouldn't they be able to take out a loan
[8:16] Speaker 2: from a bank For.
[8:17] Speaker 3: A myriad of reasons. They could be They could have
[8:20] Speaker 3: a riskier credit profile, They may need a more bespoke
[8:24] Speaker 3: type of arrangement, which banks, because they're heavily regulated, may
[8:28] Speaker 3: not be able to meet. Whereas a private credit manager,
[8:31] Speaker 3: who may have a bit looser regulations as it relates
[8:34] Speaker 3: to what they can extend out to companies, they might
[8:38] Speaker 3: be able to make it happen.
[8:40] Speaker 2: So it sort of seems like by now pay later,
[8:43] Speaker 2: you don't necessarily have to deal with how good your
[8:46] Speaker 2: credit score is the way that you might if you
[8:47] Speaker 2: get a credit card. So it kind of is a
[8:50] Speaker 2: way that people who maybe don't have the best credit
[8:52] Speaker 2: score to get credit and private banking. Shadow banking also
[8:58] Speaker 2: seems like a way for companies that also might not
[9:00] Speaker 2: have the best credit or might be maybe wanting to
[9:04] Speaker 2: take out riskier loans for something that is maybe a
[9:07] Speaker 2: little riskier. It seems like a way that they can
[9:10] Speaker 2: get money. So this seems like two services that are
[9:13] Speaker 2: a little bit similar in that way. Is that right?
[9:16] Speaker 3: Yeah? Definitely? I mean in terms of the appeal for
[9:18] Speaker 3: a private credit manager, you know, take the forward flows.
[9:22] Speaker 3: These are ways that the private credit manager can get
[9:24] Speaker 3: access to a steady, predictable stream of short term assets,
[9:29] Speaker 3: which is sort of outside of the realm of the
[9:32] Speaker 3: typical longer term that that might set on their books.
[9:35] Speaker 2: Okay, what is a forward flow? Because this is sort
[9:38] Speaker 2: of key to this alliance between shadow banking and phantom debt.
[9:44] Speaker 2: It's all about the forward flows. So what does that.
[9:46] Speaker 3: Mean with a forward flow? As I mentioned, this is
[9:48] Speaker 3: something that allows the private credit manager to take on
[9:53] Speaker 3: debt that's being originated by the buy now, pay later firm.
[9:57] Speaker 3: And for the buy now, pay later firm, they love
[9:59] Speaker 3: that because essentially they get to move risk off of
[10:02] Speaker 3: their books.
[10:03] Speaker 2: So is it like lending somebody money before they need it?
[10:07] Speaker 2: Kind of? Is that the forward flow is that they're like,
[10:09] Speaker 2: just FYI, we have one thousand dollars available for loans
[10:13] Speaker 2: that you can take as you want.
[10:14] Speaker 3: Yeah, I mean think of it from the by now,
[10:16] Speaker 3: pay later firms perspective. Rather than them waiting for payments
[10:20] Speaker 3: to come back in so that they can get capital
[10:22] Speaker 3: and extend more loans, they have willing buyers on the
[10:25] Speaker 3: private credit side that say, hey, you know, we'll give
[10:28] Speaker 3: you that capital. You focus on what you're good at.
[10:30] Speaker 3: You focus on extending those loans, on helping everyday consumers
[10:34] Speaker 3: make These purchases happen.
[10:35] Speaker 2: As private credit enables buy now, pay later firms to
[10:38] Speaker 2: take on more loans. More and more transactions are happening
[10:42] Speaker 2: at the intersection of these two industries, and both of
[10:45] Speaker 2: them involve more risk and less regulation than traditional lending.
[10:50] Speaker 2: That has critics concerned. We look at what could happen
[10:53] Speaker 2: after the break. So private credit aka shadow banking, is
[11:07] Speaker 2: super charging buy now, pay later loans aka phantom debt,
[11:12] Speaker 2: and it's happening at a time when the US consumers
[11:14] Speaker 2: responsible for repaying those debts are increasingly understrained. I asked
[11:19] Speaker 2: Bloomberg's JJ McCorvey and Renee Ismail to unpack the potential risks.
[11:24] Speaker 3: You could think about the problems on several levels. Obviously,
[11:29] Speaker 3: you have the scale component. Because the originators know that
[11:32] Speaker 3: they have these you know, billion dollar, three billion dollar,
[11:36] Speaker 3: five billion dollar facilities coming from the private credit managers,
[11:40] Speaker 3: they essentially can just kind of extend these loans and
[11:43] Speaker 3: that might incentivize them to be more like machines where
[11:47] Speaker 3: they can get a little careless exactly exactly. And you know,
[11:51] Speaker 3: I think a second layer is the cyclicality. Right, Like
[11:54] Speaker 3: I mentioned, during the good times, it's very easy for
[11:57] Speaker 3: private credit managers to continue doing deals like these. But
[12:01] Speaker 3: what happens when conditions get a bit shoppier? What happens
[12:05] Speaker 3: when private credit may not want to expand on some
[12:09] Speaker 3: of these deals? Will they pull back? Will they terminate
[12:11] Speaker 3: some of these agreements? And I think at the end
[12:14] Speaker 3: of the day, the person who feels that is the
[12:16] Speaker 3: person who is shopping for groceries that might not be
[12:18] Speaker 3: able to get that flexible payment solution that they are
[12:21] Speaker 3: so used to.
[12:22] Speaker 1: You know Tiberne's point, We just we don't know what
[12:25] Speaker 1: happens in a downturn. Currently, US households have a record
[12:31] Speaker 1: nineteen trillion dollars in debt right now. According to last
[12:35] Speaker 1: month's CPI, inflation outpaced Americans paychecks, and there are signs
[12:42] Speaker 1: that by not pay later, consumers are having some trouble
[12:46] Speaker 1: keeping up with the loans and the BANYANIPA lator companies
[12:49] Speaker 1: themselves will say, you know, delinquency rates are low, but
[12:52] Speaker 1: when you look at certain surveys. For example, a couple
[12:56] Speaker 1: months ago, lending Tree came out with a survey that
[13:00] Speaker 1: we covered that said forty seven percent of borrowers had
[13:03] Speaker 1: paid late on a bud not Pay Later loan within
[13:05] Speaker 1: the last year, which was up six percentage points from
[13:10] Speaker 1: last year. That's lot thirteen percentage points from two years ago,
[13:14] Speaker 1: and that more than half of them said they would
[13:17] Speaker 1: not be able to make ends meet without the loans.
[13:20] Speaker 1: So that just gives you a sense of how much
[13:23] Speaker 1: some parts of the consumer economic picture are struggling in
[13:27] Speaker 1: the economy, but also how much they have come to
[13:30] Speaker 1: rely on bud not pay later. And so the concern
[13:34] Speaker 1: is what happens, you know, will will that new line
[13:37] Speaker 1: of credit dry up for these consumers? Will there be
[13:41] Speaker 1: potentially heightened costs and fees associated with the loans, which
[13:45] Speaker 1: will compound the strain. So yeah, that's I think that's
[13:48] Speaker 1: just a lot that we don't know, and the folks
[13:51] Speaker 1: we've talked to are kind of just saying we're keeping
[13:54] Speaker 1: an eye on this.
[13:55] Speaker 2: All right. Well, I'm going to say something that may
[13:58] Speaker 2: be a little bit at the heart of your story,
[13:59] Speaker 2: but that sounds a lot to me like the thing
[14:02] Speaker 2: that caused the financial crisis, right, like a bunch of
[14:05] Speaker 2: loans getting getting packaged together and divided up and sold off.
[14:12] Speaker 2: Is that what's going on here?
[14:13] Speaker 3: So I think in terms of the parallel there are connections.
[14:18] Speaker 2: Right.
[14:18] Speaker 3: You mentioned the fact that they're originating and then bundling
[14:21] Speaker 3: it up and then moving it on to willing buyers
[14:24] Speaker 3: willing investors. That part is definitely similar. I think what's
[14:29] Speaker 3: different though, is scale. Right when you look at the
[14:32] Speaker 3: lead up to two thousand and eight, I mean that
[14:33] Speaker 3: was a ten to eleven trillion dollar mortgage market. The
[14:36] Speaker 3: buy now pay leaders base is only about half a trillion, right,
[14:39] Speaker 3: So in terms of you know, greater spillover effect or
[14:43] Speaker 3: contagion in terms of the broader economy, definitely you know,
[14:46] Speaker 3: two different scenarios here.
[14:48] Speaker 1: And I would add that, you know, the batto paylater
[14:52] Speaker 1: companies would say, these loans are very different, right, they're
[14:56] Speaker 1: short term purchases. It's not over you know, multiple years.
[15:01] Speaker 1: It's usually you know, like the average purchase is anywhere
[15:04] Speaker 1: from one hundred dollars to three hundred dollars versus three
[15:07] Speaker 1: hundred thousand dollars. And so there's like a predictability that
[15:12] Speaker 1: private credit investors see safety in. You know, you know,
[15:18] Speaker 1: these are people with established repayment histories. Even if every
[15:22] Speaker 1: few months they missed the payment, you know, at least
[15:25] Speaker 1: that's something you can plan for and expect. And so yeah,
[15:30] Speaker 1: it's it's a different ballgame. But skeptics see a lot
[15:34] Speaker 1: of similarities in the practice of what's happening was for
[15:38] Speaker 1: a flow and what led up to the crisis.
[15:42] Speaker 2: For sure, there's a lot we don't know about these worlds.
[15:45] Speaker 2: How does that play into the possible risk here?
[15:49] Speaker 3: Yeah, I mean, I think as it relates to forward flows,
[15:52] Speaker 3: for example, there are typically a lot of guardrails that
[15:55] Speaker 3: they can work into these you know, really large deals.
[15:59] Speaker 3: But these private deals at the end of the day,
[16:01] Speaker 3: so we don't even get to see into these structural
[16:05] Speaker 3: protections that might be baked into the forward flows. But
[16:08] Speaker 3: you like to think that managers and originators sort of
[16:11] Speaker 3: work together to set these forward flows up in a
[16:15] Speaker 3: way that protects both the originator extending the loans and
[16:18] Speaker 3: also the funding partner in this case, private credit managers.
[16:23] Speaker 2: That's a lot of faith though that people are being responsible,
[16:26] Speaker 2: which historically speaking was a little hit or miss.
[16:31] Speaker 3: Yeah. I mean, when when we spoke to managers, they
[16:33] Speaker 3: were they were very adamant about the strength of these
[16:36] Speaker 3: protections that they that they put into these forward flows.
[16:39] Speaker 3: I mean some of the ones that come to mind. Oftentimes,
[16:42] Speaker 3: before they even ink these partnerships, they'll have eligibility criteria
[16:46] Speaker 3: where they will say we will agree to purchase only
[16:51] Speaker 3: loans that fit under a predetermined credit profile. And also,
[16:55] Speaker 3: you know, sometimes they can even co invest, right like
[16:58] Speaker 3: they can bring another asset manager to come in and
[17:03] Speaker 3: invest with them in the buy now, pay later loans
[17:05] Speaker 3: or personal loans or auto loans or student loans or
[17:08] Speaker 3: whatever it is. And what that does is it shares
[17:11] Speaker 3: the risk, but it also shares the due diligence process.
[17:14] Speaker 2: What are some of the warning signs that you will
[17:17] Speaker 2: both be watching for, like, what are some red flags
[17:20] Speaker 2: that if you saw them, you would start to worry
[17:23] Speaker 2: about the shadow phantoms.
[17:25] Speaker 3: I think from my world, I would say, you know,
[17:30] Speaker 3: how managers are you know, handling all the concerns that
[17:34] Speaker 3: you've probably seen in the headlines, how they're handling investors
[17:38] Speaker 3: that want to pull money out, you know, how AI
[17:42] Speaker 3: could disrupt certain business models that they might be exposed to.
[17:46] Speaker 3: And even though a lot of these consumer type plays
[17:49] Speaker 3: are really only a small part of their portfolios, the
[17:54] Speaker 3: health of the space is going to be something to watch.
[17:57] Speaker 2: Well, I don't know if it's a warning sign or
[17:59] Speaker 2: something that it started out as a service for couches
[18:02] Speaker 2: and laptops and is now funding like burritos. Do you
[18:08] Speaker 2: see that as a warning sign at all?
[18:11] Speaker 3: Well, yes and no. I mean I think it is
[18:14] Speaker 3: staggering when you see a statistic like one in four
[18:17] Speaker 3: BNPL users use the product for groceries. That's according to
[18:21] Speaker 3: a survey last year. But you know, when you talk
[18:24] Speaker 3: to the credit managers, they might you know, sort of
[18:28] Speaker 3: come back and say, well, it's really no different from
[18:31] Speaker 3: using a credit card.
[18:32] Speaker 2: Right, buy groceries on my credit card all the time.
[18:34] Speaker 2: And it's not because I couldn't afford it exactly.
[18:37] Speaker 1: I think another important piece of context to this entire
[18:41] Speaker 1: conversation is the fact that this presidential administration has been
[18:48] Speaker 1: very quick to dismantle certain custumer protections. There's the Consumer
[18:54] Speaker 1: Financial Protection Bureau, which you know previously had oversight of
[19:00] Speaker 1: the binipilator space, and under the Biden administration, the CSPB
[19:06] Speaker 1: issued an interpreter rule to try to make binipilator companies
[19:10] Speaker 1: beholden to the same rules as credit card companies when
[19:14] Speaker 1: it comes to interest disclosures, formalized practices for disputes and
[19:19] Speaker 1: repayments and things like that. And we saw when the
[19:23] Speaker 1: Trump administration took over they revoked that. So and according
[19:31] Speaker 1: to our recent report by our investigations team, you know,
[19:35] Speaker 1: we see just how friendly to industry the CFPB has
[19:39] Speaker 1: now become. And so if the agency that you know
[19:44] Speaker 1: was primarily watching this has telegraphed that maybe it's not
[19:48] Speaker 1: so concerned with watching it, you know that closely, who
[19:51] Speaker 1: is going to sound the alarm if things start to
[19:56] Speaker 1: break down?
[20:04] Speaker 2: This is the big take from Bloomberg News. I'm Stacey
[20:07] Speaker 2: Mannix Smith in for Sarah Holder and David Gura. To
[20:10] Speaker 2: get more from The Big Take and unlimited access to
[20:12] Speaker 2: all of bloomberg dot com, subscribe to date at Bloomberg
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