Eamonn K. Moran’s Post

📢 New initiative on #BNPL disputes and returns in the #US. The Consumer Financial Protection Bureau aims to further support consumers, but how will this impact businesses? Find out by reading The Paypers: https://buff.ly/3UP6uTX #thepaypers #paymentsnews #financialnews #paymentmethods #BNPLloans #paymentproviders #creditcard #payments

CFPB Rules that #BNPL Lenders Should Be Treated as Credit Cards! In a significant move to enhance consumer protections, the US Consumer Financial Protection Bureau (CFPB) has ruled that Buy Now, Pay Later (BNPL) lenders should be subject to the same regulatory requirements as credit card providers. This interpretive ruling mandates that BNPL lenders extend key legal protections and rights to consumers, aligning them with those offered by conventional credit cards.

On May 22, 2024, the Consumer Financial Protection Bureau issued a significant Interpretive Rule and Request for Comment finding that “Buy Now, Pay Later” credit access products are subject to certain requirements of Regulation Z under the Truth in Lending Act. 📖 Read more in this #GTAlert written by Shane Foster, Lisa Lanham, Rinaldo Martinez, and Langley Perry, Jr.: https://buff.ly/4c3kC2W. #CFPB #FinancialServices #BuyNowPayLater #CreditCards

A definitely hot topic, even overseas…see our latest insight on #BNPL as interpreted in the U.S. Territory by #CFPB #GTLaw

Precisely two years after Treasury published an Options Paper proposing options to regulate the 'buy now pay later' (BNPL) sector, the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 has passed the Parliament imposing some consumer credit protections obligations on BNPL products. We report on what's changed, what the modified responsible lending obligations are for licensees that are low cost credit contract providers, considerations for BNPL providers and what's next: https://lnkd.in/gVuw_F4F – Written by Tom Jarvis, Christopher Sones, Christian Jones and Ben Curtain #buynowpaylater #regulatoryreform #consumercredit

The CFPB announced that customers using buy-now, pay-later services now have the same federal protections as credit card users. #personalfinance #finance #finances #usa #us #unitedstates #unitedstatesofamerica #buynowpaylater #cfpb #usanews #usnews #newsupdates #newsflash #newsfeed #newshighlights #newheadlines

Our Guidehouse Financial Services colleagues discuss the recent Consumer Financial Protection Bureau “Use of Digital User Accounts to Access Buy Now, Pay Later (BNPL) Loans” interpretive rule. Let's collaborate to facilitate #compliance and manage regulatory risk.

📢 Treliant Takeaway: New CFPB Rule for BNPL Lenders Earlier this week, the Consumer Financial Protection Bureau issued an interpretive rule classifying Buy Now, Pay Later lenders as credit card providers, extending key legal protections under TILA Reg Z. As BNPL usage rises alongside consumer complaints and defaults, lenders must now investigate disputes, process refunds, and provide billing statements akin to credit card providers. Sabrina Morrison details what this means for financial institutions, including bank partners and fintechs, and what they should be doing to comply with the enhanced requirements in our latest Treliant Takeaway. Treliant offers expert regulatory compliance consulting to help financial institutions navigate these changes. Stay ahead with Treliant! #RegulatoryCompliance #BNPL #FinancialServices

The Consumer Financial Protection Bureau's new interpretive rule on #BNPL is set to take effect in under 60 days. In this blog post, we take a look at the rule’s new requirements for BNPL providers as well as the approach we’ve taken at Peach to address them. In brief, the new rule requires BNPL lenders to issue periodic billing statements, investigate and resolve disputes, and credit refunds to users’ accounts. Read the full blog post for more detail: https://lnkd.in/g9YfRvae

Under an interpretive rule issued by the Consumer Financial Protection Bureau (CFPB) in May, Buy Now, Pay Later (BNPL) accounts are considered credit cards, and BNPL companies must provide borrowers with the right to dispute charges and get refunds, in addition to clear account opening disclosures and periodic billing statements. "Buy Now, Pay Later accounts are a form of credit card because they can be used for purchases at the point-of-sale, and Congress intended credit card protections to apply broadly to protect consumers,” said Lauren Saunders, associate director of the National Consumer Law Center. “In addition to responding to consumer disputes, BNPL companies should provide clear, uniform fee disclosures, extend credit that consumers can afford to repay, and charge only reasonable late fees, just as protections required for traditional credit cards.” cc: Consumer Reports #ProtectConsumers