Reported 5 months ago
The U.S. Consumer Financial Protection Bureau announced that they will extend some credit card consumer protection rules to buy now, pay later (BNPL) lenders like Affirm, Klarna, and Afterpay. This move aims to bring more oversight to the rapidly growing BNPL sector, requiring BNPL lenders to investigate disputes, offer refunds for returned products, and provide periodic billing statements similar to credit card companies. The new rule, effective in 60 days, will focus on the "pay in four" installment product and aims to standardize consumer protections across the industry.
Source: YAHOO