EDGE
Get a demo
Log In
All Updates

All Updates

icon
Filter
Regulation/policy
Consumer Financial Protection Bureau tightens regulation on BNPL offerings
Buy Now, Pay Later
May 22, 2024
This week:
Product updates
Stability AI launches Stable Diffusion 3 Medium, a text-to-image model
Foundation Models
Yesterday
Product updates
Microsoft discontinues GPT Builder in Copilot
Generative AI Applications
Yesterday
Funding
BlinqIO raises USD 5 million in funding to expand operations
Generative AI Applications
Yesterday
Product updates
Databricks launches innovations to Mosaic AI for production-quality applications
Generative AI Infrastructure
Yesterday
M&A
Rebellions and Sapeon Korea merge to challenge global AI chip leader
Generative AI Infrastructure
Yesterday
M&A
Pluxee to acquire Cobee; expands employee benefits offering
Remote Work Infrastructure
Yesterday
Product updates
Space and Time launches 'Proof of SQL' solution on GitHub
Enterprise Blockchain Solutions
Yesterday
Partnerships
Lido partners with Mellow Finance to launch liquid restaking vaults
Decentralized Finance (DeFi)
Yesterday
Funding
Rivia raises EUR 3 million in seed funding
Clinical Trial Technology
Yesterday
Partnerships
Product updates
Databricks and Shutterstock collaborate to launch enterprise-optimized ImageAI model
Generative AI Infrastructure
Yesterday
Buy Now, Pay Later

Buy Now, Pay Later

May 22, 2024

Consumer Financial Protection Bureau tightens regulation on BNPL offerings

Regulation/policy

  • The Consumer Financial Protection Bureau announced today that BNPL providers must offer some key legal protections and rights similar to conventional credit cards. The legal protection includes a right to dispute charges and seek a refund from the lender after returning a product purchased through a BNPL provider.

  • The interpretive rule mandates BNPL providers to comply with the "Truth in Lending Act" criteria by investigating consumer disputes, pausing payments during investigations, issuing credits, refunding returned products or canceled services, and providing periodic billing statements similar to traditional credit cards.

  • Analyst QuickTake: The Australian Federal Government announced in May last year that it would take the initiative to regulate the BNPL industry under the Credit Act to treat BNPL offerings as credit products and mitigate risks relating to consumer debt. As part of the Government's decision, businesses would need to obtain credit licenses and meet hardship requirements and minimum standards for conduct.

Contact us

Gain access to all industry hubs, market maps, research tools, and more
Get a demo
arrow
menuarrow

By using this site, you agree to allow SPEEDA Edge and our partners to use cookies for analytics and personalization. Visit our privacy policy for more information about our data collection practices.