Biden Rule on Buy Now Pay Later Will Not Be Enforced
Trump administration has pulled back CFPB policies several times in its first 100 days in office
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- Written by Banking Exchange staff
The CFPB said this week that it will no longer enforce a rule targeting credit card lenders focused on buy now pay later restrictions saying that it has focusing its resources elsewhere.
The policy had been particularly unpopular in the fintech community, citing unnecessary compliance challenges.
The Trump administration has pulled back CFPB policies several times in its first 100 days in office.
Critics of the Trump’s CFPB pull back point to concerning consumer data that, in their estimation, show the need for industry oversight.
Tagged under Compliance; CFPB; Feature3; Feature; Consumer Credit; Customers; Compliance/Regulatory; Consumer Compliance; Duties;
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