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CFPB interpretive rule subjects ‘Buy Now, Pay Later’ lenders to TILA regs
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Banking, Consumer Protection, Industry Regulation
Tuesday, June 4, 2024
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A new interpretive rule issued by the Consumer Financial Protection Bureau stipulates “Buy Now, Pay Later” lenders are classified as credit card providers subject to Regulation Z, which implements the Truth in Lending Act.
The interpretive rule mandates such lenders provide the same types of rights and protections to their customers that apply to conventional credit cards.
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