CFPB says buy now, pay later firms must comply with U.S. credit card laws
Publishing timestamp: 2024-05-22 13:24:13
Summary
The Consumer Financial Protection Bureau declared that customers of the buy now, pay later industry have the same federal protections as credit card users. The new rule will require BNPL lenders to provide refunds for returned products, investigate merchant disputes, and disclose fees. Companies like Affirm and Klarna have expressed concerns about the regulation, arguing that BNPL is different from credit cards. The industry's response raises the possibility of legal challenges against the CFPB.
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Keywords: affirm holdings inc, paypal holdings inc, banks, breaking news: investing, breaking news: markets, products and services, business, breaking news: politics, business news, investment strategy, politics,
Source: https://www.cnbc.com/2024/05/22/cfpb-buy-now-pay-later-credit-card-laws.html