Regulators now one step closer to reining in 'Buy now, pay later' companies

Details:Axios Pro’s Lucinda Shen notes.

The watchdog plans to regulate them the same way as it does credit card companies, and is looking into customer fees and ways to limit how personal data is used by such businesses. "Our concern with data in general is that, once the company has that data, there's no knowing where the line could be drawn and what they could do with it," a CFPB official said on a call with media.Affirm says in a statement that it's "encouraged" by the conclusions and that today is a "big step forward for consumers and honest finance."that "low-cost, low-risk, no-interest products like BNPL should not fundamentally be regulated in the same fashion.

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Buy Now Pay Later Stocks Slump as U.S. Consumer Watchdog Seeks More Regulatory OversightBuy now pay later stocks slipped on Thursday after a report released by the Consumer Financial Protection Bureau indicated a plan to regulate several companies.
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U.S. consumer watchdog plans to regulate ‘buy-now, pay-later’ companiesA U.S. consumer watchdog plans to start regulating “buy-now, pay-later” companies like Klarna and Affirm Holdings due to worries their fast-growing financing products are harming consumers, the agency says. Yeah. They stick you with high interests rates if you don't pay in full by whatever date they set.
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