- 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.
Under an interpretive rule issued by the CFPB on Wednesday, BNPL lenders will be required to investigate customer disputes, refund products that have been returned, and provide periodic billing statements - all requirements that credit card companies currently comply with under the Truth in Lending Act.
The rule will only apply to the popular "pay in four" installment product, the official said. And BNPL providers will not be required to comply with some other credit card rules, such as assessing a consumer's ability to repay, the agency said. 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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