The day after a group of senators wrote a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra asking the agency to look into buy now, pay later products, the bureau announced an inquiry into the companies making such offerings.
“Buy now, pay later is the new version of the old layaway plan, but with modern, faster twists where the consumer gets the product immediately but gets the debt immediately too,” Chopra said.
Read on for more details.