"CFPB Implements New Rules to Protect Buy Now, Pay Later Customers"

The Biden administration has granted consumers using "buy now, pay later" (BNPL) services the same legal protections as credit card users, allowing them to dispute charges, demand refunds for returned products, and receive periodic billing statements. The Consumer Financial Protection Bureau's ruling aims to address the lack of protections for BNPL users, as the popularity of these services grows, particularly among younger consumers. However, BNPL firms may push back against the ruling, arguing that their products are fundamentally different from credit cards.