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US moves to regulate BNPL the same as credit cards

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Consumer Financial Protection Bureau (CFPB) issued a new interpretation under the existing Truth in Lending Act. Regardless of whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations already on the books.”

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States Step Up Where CFPB Steps Back

PYMNTS

Aiming to fill the void resulting from the Consumer Financial Protection Bureau’s retreat from regulation, states are stepping up and going after big financial companies. We haven’t got involved in any new investigations by the CFPB but on the state side we’ve seen an enormous increase,” he said.

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The CFPB’s Uncertain 2017

PYMNTS

If asked in September about what kind of year 2017 was going to be, CFPB officials most likely would have spoken mostly about their ongoing plans to make the world a better place for consumers. 8 when Donald Trump — an avowed opponent of Dodd-Frank, which gave the CFPB its life — actually won the White House.

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