Payments Dive quoted partner Allen Denson in an article about the Consumer Financial Protection Bureau’s (CFPB’s) announcement not to penalize Buy Now Pay Later (BNPL) providers as they transition to comply with a new interpretive rule that treats them like credit card providers, despite industry pushback.
Allen described the CFPB’s announcement to delay enforcement as “only marginally helpful,” adding, “[t]he bureau said it’s going to forestall enforcement for companies that exhibit good faith efforts, but that’s completely undefined,” leaving companies uncertain about what compliance will look like.