CFPB: BNPL Lenders Must Comply with Credit Card Consumer Protection Rules

May 22, 2024, 11:20 AM

The U.S. Consumer Financial Protection Bureau (CFPB) announced that Buy Now, Pay Later (BNPL) lenders must comply with certain U.S. credit card consumer protection rules. This includes providing consumers with legal protections similar to those offered by conventional credit cards, such as the right to dispute charges and demand refunds after returning a product. The CFPB's decision aims to ensure that BNPL firms adhere to consumer protection standards already in place for credit card providers.