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CFPB Announces Intention to Regulate BNPL Following Release of Consumer Impact Report

September 19, 2022


The Consumer Financial Protection Bureau (CFPB) is planning to start regulating buy now, pay later (BNPL) products. The organization noted that BNPL providers are already subject to some federal and state oversight, and that it has “authority to supervise any non-depository covered persons, such as a BNPL provider, in certain circumstances.”

“Buy Now, Pay Later is a rapidly growing type of loan that serves as a close substitute for credit cards,” said Rohit Chopra, Director of the CFPB in a statement. “We will be working to ensure that borrowers have similar protections, regardless of whether they use a credit card or a BNPL loan.”

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