CFPB mulls rules for BNPL
Payments Dive
SEPTEMBER 16, 2022
The Consumer Financial Protection Bureau is weighing new rules and guidance for the fast-growing buy now-pay later industry after wrapping up a comprehensive report on it.
CFPB to treat BNPL loans like credit cards
Payments Dive
MAY 21, 2024
“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,” CFPB Director Rohit Chopra said.
CFPB 
97
97 
American Fintech Council (AFC) Responds to Consumer Financial Protection Bureau (CFPB) Interpretive Rule on Buy Now Pay Later
Fintech Finance
JULY 15, 2024
We are encouraged by the work the CFPB has done to better understand the BNPL industry. In their letter, AFC applauded the CFPB for their 2022 report on BNPL and for their continued engagement with industry leaders.
Visa urges cautious approach to BNPL regulations
Payments Dive
MARCH 30, 2022
"The CFPB should tailor its approaches to preserve consumers’ and merchants' ability to access a wide variety of installment options and maintain competition among BNPL solutions," Visa said in commenting to the Consumer Financial Protection Bureau.
BNPL 97
97 
BNPL providers won’t face penalties during transition to new CFPB rule
Payments Dive
AUGUST 20, 2024
CFPB Director Rohit Chopra said in a blog post that the agency will not fine companies making a good faith effort to follow regulations treating buy now, pay later loans like credit card transactions. His remarks follow significant industry pushback.
CFPB 88
88 
BNPL players spar with CFPB
Payments Dive
SEPTEMBER 16, 2022
BNPL players under the microscope at the Consumer Financial Protection Bureau pushed back against the federal agency’s plan to increase regulation of the industry.
BNPL 78
78 
CFPB rules that BNPL lenders should be treated as credit cards
Finextra
MAY 22, 2024
The US Consumer Financial Protection Bureau has ruled that buy now, pay later lenders should be treated in the same way as credit cards.
Credit Cards 122
122 
BNPL regulation requires balancing act
Payments Dive
JUNE 7, 2023
“As the CFPB prepares to release new regulatory guidance on BNPL providers, it is important that any new regulations do not stifle the industry's growth and limit its availability,” writes one checkout services CEO.
BNPL 78
78 
BNPL Profitability Remains Elusive Despite Rising Adoption
Fintech News
DECEMBER 20, 2023
Buy now, pay later (BNPL) arrangements, a type of short-term financing that allows customers to make purchases and pay for them in monthly installments, are growing strongly around the world, picking up steam among both customers and merchants. million in 2023. million in 2023.
BNPL 88
88 
EC and CFPB meet on consumer risks from AI and BNPL
Finextra
APRIL 14, 2024
US and European officials have begun an "informal dialogue" on consumer financial protection issues, focusing on the rise of Big Tech in payments; the use of AI in lending; and the emergence of buy now, pay later.
AI 115
115 
US Consumer Watchdog Decision Offers BNPL Users Credit Card-Level Protections
The Fintech Times
MAY 22, 2024
The Consumer Financial Protection Bureau (CFPB), a US government agency responsible for protecting consumers in the financial sector, has ruled that buy now, pay later (BNPL) lenders must treat consumers as credit card providers do, ensuring they receive the same key protections. Will BNPL increase the consumer debt burden?
BNPL 64
64 
AFC Praises New BNPL Recommendations, But Warns That Providers Need ‘Additional Time’ to Comply
The Fintech Times
JULY 15, 2024
The American Fintech Council , the industry association representing responsible fintech companies and innovative banks, has welcomed new recommendations regarding buy now, pay later (BNPL) but warns that providers need more time to ensure compliance.
BNPL 64
64 
CFPB Takes Action to Ensure Consumers Can Dispute Charges and Obtain Refunds on Buy Now, Pay Later Loans
Fintech Finance
MAY 24, 2024
The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. The CFPB began studying the Buy Now, Pay Later industry in 2021. Last year, the CFPB published its findings on the financial profiles of Buy Now, Pay Later borrowers.
Disputes 89
89 
Klarna labels CFPB BNPL rule 'baffling'
Finextra
MAY 23, 2024
The US Consumer Financial Protection Bureau's new rule on buy now, pay later lenders has received a mixed reception from industry players, with Affirm welcoming the outcome but rival Klarna calling it "baffling".
Rules 75
75 
BNPL critics urge CFPB to protect consumers from payment app
Payments Dive
MARCH 28, 2022
Proponents and opponents of buy now-pay later services are weighing in on how the new installment financing should be regulated after the Consumer Financial Protection Bureau asked for input. The federal agency is absorbing the views as it conducts an inquiry into the industry's business practices.
CFPB 97
97 
New rule makes BNPL sustainable in long term, experts say
Bank Automation
JUNE 4, 2024
The rule, published May 22 to take effect 60 days later, “makes the model more sustainable because [BNPL] has been around for a long time, it has […] The new Consumer Financial Protection Bureau rule putting buy now, pay later providers in the same category as credit card issuers can fuel the industry’s growth, experts say.
BNPL 80
80 
US moves to regulate BNPL the same as credit cards
Neopay
MAY 28, 2024
Consumer Financial Protection Bureau (CFPB) issued a new interpretation under the existing Truth in Lending Act. The BNPL market boomed as e-commerce orders exploded during the pandemic; fashion is one of the top categories for which consumers use these services. That’s not to say there hasn’t been pushback.
BNPL 52
52 
Buy Now, Pay Later: BNPL Fraud and Regulatory Update
FICO
OCTOBER 7, 2022
Buy Now, Pay Later: BNPL Fraud and Regulatory Update. Buy now, pay later or BNPL financing is experiencing tremendous growth, but that growth can bring potential growing pains like fraud and regulatory scrutiny. Even more dramatic, PayPal, a relatively late arrival to the party, saw its BNPL volumes soar 226% year over year.
BNPL 52
52 
Federal control to be applied on BNPL returns and disputes
The Paypers
MAY 22, 2024
The Consumer Financial Protection Bureau ( CFPB ) has issued an interpretive rule to ensure federal control over Buy Now, Pay Later (BNPL) returns and disputes in the US.
Navigating BNPL’s Future: The Jifiti Group CEO Yaacov Martin on the CFPB’s New Ruling
Finovate
JUNE 6, 2024
Late last month, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule stating that Buy Now, Pay Later (BNPL) lenders are credit card providers. This ruling is slated to have some significant impact on BNPL, which was once one of the hottest subsectors in fintech. territories.
BNPL apps under the eyes of The Consumer Financial Protection Bureau
The Paypers
DECEMBER 20, 2021
The US Consumer Financial Protection Bureau (CFPB) has announced that it’s launching a probe against five companies offering Buy Now, Pay Later (BNPL) services.
What ChatGPT Got Wrong about Top 5 Fintech Trends of 2024
Finovate
DECEMBER 4, 2023
In regards to open banking, the CFPB released its notice of proposed rulemaking to implement Section 1033 of Dodd-Frank earlier this year and made clear that it will issue the final regulation in the fall of 2024. As consumers rely on BNPL payment technologies as an alternative to traditional credit models, regulators in both the U.S.
Metaverse 130
130 
OCC Issues Policy Guidance on Buy Now, Pay Later Lending
Global Fintech & Digital Assets
DECEMBER 21, 2023
The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending. The OCC expects that banks engaged in BNPL lending “do so within a risk management system that is commensurate with associated risks.” By Arthur S.
OCC 59
59 
CFPB's report show BNPL must be regulated
The Paypers
SEPTEMBER 19, 2022
The Consumer Financial Protection Bureau has issued a report suggesting that Buy Now, Pay Later companies must be subjected to stricter oversight.
CFPB 36
36 
ePayPolicy Partners with US Premium Finance to Make Financing at Checkout Easier for Insurance Industry
Fintech Finance
APRIL 29, 2024
Over the last several years, e-commerce customers have grown increasingly familiar with “ Buy Now, Pay Later ” (BNPL) options at checkout – the retail equivalent of installment plans. “Our mutual clients have expressed interest in making the premium finance transaction a more seamless experience.
Finance 52
52 
Average Credit Scores Hit Record High As Credit Card Balances Drop
PYMNTS
JANUARY 7, 2021
Add in one the soon to be two injections of cash via federal direct stimulus payments to middle- and low-income households, as well as a general preference within certain demographics to use other means of payment, such as buy now, pay later (BNPL), and the balance declines and commensurate FICO score hikes start to make more sense.
Credit Cards 94
94 
3 Fintech Trends You’ll Hear a Lot About in 2025
Finovate
DECEMBER 11, 2024
readers, open banking made its debut in the form of a CFPB ruling in October of this year. BNPL With Klarna’s IPO taking place in 2025, we can expect to see interest in the BNPL space surge to new heights. Open banking/ Section 1033 For U.S. There may be benefits to early compliance.
FinTech 59
59 
Today In Payments: SWIFT gpi Instant Goes Live In The UK; UK Revolut Customers Get Access To Early Payday Option
PYMNTS
DECEMBER 2, 2020
In the Buy Now Pay Later Tracker, Daniel Demsky, co-founder of all-wool clothing retailer Unbound Merino, details how his company is leveraging BNPL to help make high-end items more accessible to consumers — and high cart totals more palatable. CFPB Clarifies Position On Earned Wage Access Policy; Says Programs Are Not An Extension Of Credit.
SWIFT 56
56 
Tackling the Fintech Threat: A Guide for Banks and Credit Unions
FICO
AUGUST 19, 2022
Buy now, pay later (BNPL) has exploded in popularity over the last few years. According to Cornerstone Advisors consumer surveys , the percentage of Gen Zers making purchases with BNPL plans grew six-fold between 2019 and 2021. This makes BNPL a dangerous competitor to banks’ payment and unsecured lending products.
Credit Union 52
52 
Understanding Overdraft Programs (Part 2): A New Approach to Overdraft
FICO
SEPTEMBER 27, 2021
Gartner’s classification is comprised from CFPB financial well-being scores. They have seen the popularity of Buy Now Pay Later (BNPL). 90% BNPL purchases by GenZ consumers are $500 or less. BNPL is akin to a small dollar loan. Consider the following question, “How do you define the market size?”.
Credit Risk 52
52 
Best New Fintech Products & Trends of 2024
Fintech Labs Insights
FEBRUARY 9, 2024
mo Klarna 24 Jan BNPL Consumer CNBC Bilt Rewards doubles valuation to $3.1B Bilt Rewards 24 Jan Credit cards Consumer Techcrunch Klarna is first BNPL service with subscription ($7.99/mo
Product 15
15 
3 Ways 2024 Could Be The Year of the Regulator in Fintech
Finovate
DECEMBER 13, 2023
the Consumer Financial Protection Bureau (CFPB) has been studying the BNPL industry since at least late 2021. As such, the CFPB has recognized a number of key benefits BNPL provides relative to traditional credit products, especially with regard to the absence of interest payments, ease of access, and simple repayment structure.
Regulations 64
64 
Senators prod CFPB on BNPL oversight
Payments Dive
DECEMBER 19, 2023
Three Democratic lawmakers worried about financially vulnerable consumers during the holiday shopping season urged the Consumer Financial Protection Bureau to keep an eye on buy now, pay later offerings.
CFPB 88
88 
Four 2023 U.S. Policy Predictions for Financial Services Companies
FICO
JANUARY 5, 2023
Open banking, BNPL, cybersecurity and AI will all be under the microscope for regulators and policymakers, but not all areas will see major action in 2023. The CFPB's New Open Banking Proposal Will Accelerate Exciting Product Innovations. There Will be Changes in the BNPL Market, but Major Regulatory Action Is at Least a Year Away.
BNPL 52
52 
Let's personalize your content