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

  • 📰 YahooFinanceCA
  • ⏱ Reading Time:
  • 41 sec. here
  • 6 min. at publisher
  • 📊 Quality Score:
  • News: 34%
  • Publisher: 63%

Credit Card أخبار

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.

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.

لقد قمنا بتلخيص هذا الخبر حتى تتمكن من قراءته بسرعة. إذا كنت مهتمًا بالأخبار، يمكنك قراءة النص الكامل هنا. اقرأ أكثر:

 /  🏆 47. in SA
 

شكرًا لك على تعليقك. سيتم نشر تعليقك بعد مراجعته.

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

US consumer watchdog will apply credit card rules to buy now, pay later companiesThe 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 ...
مصدر: YahooFinanceCA - 🏆 47. / 63 اقرأ أكثر »