CFPB Ensures Consumer Rights in Buy Now, Pay Later Loans
The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule affirming that Buy Now, Pay Later lenders fall under credit card regulations, requiring them to provide consumers with key protections such as the right to dispute charges and obtain refunds. This move aims to address consumer complaints regarding refunds and disputed transactions in the rapidly expanding Buy Now, Pay Later market, ensuring consistency and adherence to existing laws and regulations. [5/23/24]
