Regulatory · Lending · 2024

CFPB issues BNPL interpretive rule extending TILA Reg Z (May 2024)

Name: CFPB issues BNPL interpretive rule extending TILA Reg Z (May 2024)
Creator: Windsor Drake

CFPB issued Interpretive rule affecting BNPL providers on May 22, 2024.

Primary: CFPB
Regulator: BNPL providers
Structure: Interpretive rule
Date: May 22, 2024
Sub-sector: Lending

CFPB treats Pay-in-4 BNPL lenders as credit card providers under Regulation Z, requiring dispute investigation, refunds for returns, and periodic statements. Affects Affirm, Klarna, Afterpay, PayPal Pay in 4 economics and ops.

Primary company: CFPB
Counterparty: BNPL providers (Regulator)
Amount: —
Event date: May 22, 2024
Sub-sector: Lending
HQ: US
Structure: Interpretive rule
Source published: May 22, 2024
Publisher: CFPB

Source: consumerfinance.gov