The Consumer Financial Protection Bureau (CFPB) will soon require buy-now, pay-later (BNPL) companies to adhere to the same rules as credit card providers. This includes prompt refunds for returns, regular billing statements, and the ability to pause payments during disputes. The move aims to ensure BNPL services, like Klarna and Affirm, don't sidestep consumer rights. Responses from BNPL firms varied, with Affirm welcoming the changes and Klarna criticizing them. The new rules address ongoing issues with refunds and disputes, offering more protections for consumers who often choose BNPL due to limited access to traditional credit.
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