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Buy Now, Pay Later Lenders Now Held to Credit Card Standards

Buy Now, Pay Later Lenders Now Held to Credit Card Standards

The CFPB has issued a new rule classifying Buy Now, Pay Later (BNPL) lenders as credit card providers. This change mandates that BNPL companies offer the same consumer protections as traditional credit cards, including dispute investigation and refund processing. The ruling aims to address consumer complaints and bring consistency to the rapidly expanding BNPL market. The CFPB's decision follows a thorough investigation that began in 2021, revealing that many BNPL transactions involve returns or disputes. This move ensures that consumers have clear rights and protections, regardless of their choice of payment method.

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