US consumer watchdog will apply credit card rules to buy now, pay later companies

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Credit Card Nouvelles

CFPB,Consumer Protection,Rohit Chopra

The U.S. Consumer Financial Protection Bureau will apply some credit card consumer protection rules to buy now, pay later (BNPL) lenders, the agency said on ...

- The U.S. Consumer Financial Protection Bureau will apply some credit card consumer protection rules to buy now, pay later lenders, the agency said on Wednesday, in a bid to impose more oversight on the fast-growing sector.

Most major BNPL providers already voluntarily comply with credit card-like protections, but the new rule should offer consistency across the sector, a CFPB official told reporters. According to a 2022 CFPB report, consumers often use BNPL as a substitute for conventional credit cards but consumer protection disclosures vary across major providers, and the loans can lead consumers to become over-indebted.

 

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