On May 6, the CFPB announced it will not prioritize enforcement of its May 2024 interpretive rule which classified Buy Now, Pay Later providers as credit card issuers subject to TILA and Regulation Z (covered by InfoBytes here). According to the Bureau’s announcement, the CFPB instead intends to focus its resources on what it deems current threats to consumers, like those affecting servicemen and veterans. The CFPB will also consider rescinding the Buy Now, Pay Later interpretive rule.
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