WASHINGTON, D.C. — In response to the Consumer Financial Protection Bureau’s (CFPB) announcement of new rules addressing Buy Now, Pay Later loans, Demand Progress Education Fund Corporate Power Director Emily Peterson-Cassin issued the following statement:
“Sometimes consumer protection simply means forcing businesses to do what they should have been doing all along. Buy Now, Pay Later (BNPL) programs share significant similarities with credit cards, but don’t provide consumers with the same rights. The CFPB’s interpretive rule aims to align consumer expectations with the reality of using these programs. This ensures BNPL companies do not gain an unfair competitive edge by evading regulations. We anticipate further review and welcome the opportunity to comment on the proposal.”