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Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
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Compliance Risk Compliance with various consumerprotection-related laws and regulations [1] is critical for banks furnishing BNPL loans to ensure that obligations are understood and met on both sides of the transaction.
Prospective licensees may look to DFS regulations, rules, and guidance that the DFAL generally defers to as a “best practices” guide to ensuring compliance with the DFAL, especially with respect to matters addressed by DFS on which the DFAL remains silent.
State Agencies: In addition to federal oversight, individual states have regulatory agencies responsible for overseeing financial institutions and consumerprotection within their jurisdictions. It mandates disclosure of terms and conditions, errorresolution procedures, and limits on consumer liability for unauthorized transactions.
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