The Consumer Financial Protection Bureau has mandated that 'buy now, pay later' companies must follow the same rules as credit card lenders. This new regulation aims to provide customers with similar legal rights and protections. The rule addresses issues like missed payments and rising debt levels, which have been a concern with BNPL options. Companies like Affirm and Klarna support the move, emphasizing better industry standards. However, BNPL firms still aren't subjected to the same reporting requirements as credit card companies. The White House sees this as a step towards protecting consumers from corporate exploitation.
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