The CFPB is set to enforce new rules for Buy Now, Pay Later (BNPL) services. These changes will provide users with similar protections to those offered by credit cards. Consumers will now be able to dispute charges and request refunds more easily. This move aims to address the rising number of complaints and bring consistency to the BNPL market. While consumer groups applaud the decision, BNPL lenders argue their products are different from credit cards. The new rules will take effect in 60 days, ensuring that BNPL users have a safety net similar to traditional credit cardholders.
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