Partner Allen Denson was quoted in an article by Law360 discussing the Consumer Financial Protection Bureau’s new guidance that treats buy-now, pay-later (BNPL) firms more like credit card companies.
The new guidance could have significant implications for how BNPL providers run their businesses. “This is a big change,” said Allen. “They’re going to have to issue monthly statements along the lines of what is required under [the Truth in Lending Act], and they may have to develop some pretty specific dispute resolution and right-of-return processes.”