CFPB Shifts Focus Away from 'Buy Now, Pay Later' Enforcement

Blog: CFPB Abandons Consumers to Abuses of Buy-Now-Pay-Later Loans - Americans for Financial Reform

Last week, the Trump CFPB announced plans to stop enforcing its previously issued Buy-Now-Pay-Later (BNPL) interpretive rule, which improves the price transparency of these loans to help people understand the real costs, fees, and charges that can accrue. This step risks amplifying the harms of BNPL loans, which include lower credit scores, lost bank accounts, and predatory fees. And it represents yet another example of the Trump CFPB actively s…

CFPB Shifts Focus Away from 'Buy Now, Pay Later' Enforcement

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) announced a significant policy adjustment, deprioritizing enforcement actions associated with the Truth in Lending (Regulation Z) concerning the “Buy Now, Pay Later” (BNPL) loan access regulation. This decision marks a shift in the Bureau’s strategy as it reallocates resources to address consumer threats with a greater impact, particularly for servicemen, veterans, and small busi…