CFPB Enforces Credit Card Rules on Buy Now, Pay Later Firms
The Consumer Financial Protection Bureau (CFPB) has mandated that buy now, pay later companies must adhere to the same legal rights and protections as credit card lenders, including the right to dispute transactions and demand refunds. This new rule follows a two-year inquiry and aims to address consumer complaints. Major industry players like Affirm and Klarna have expressed support for the regulation, which seeks to provide greater transparency and choice for consumers.