BRIEF-Consumer Financial Protection Bureau Opens Inquiry Into "Buy Now, Pay Later" Credit

Reuters2021-12-17

Dec 16 (Reuters) -

* CONSUMER FINANCIAL PROTECTION BUREAU OPENS INQUIRY INTO “BUY NOW, PAY LATER” CREDIT

* CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) SAYS ISSUED A SERIES OF ORDERS TO FIVE COMPANIES OFFERING “BUY NOW, PAY LATER” (BNPL) CREDIT

* CFPB-ORDERS TO COLLECT INFORMATION ON THE RISKS AND BENEFITS OF THESE FAST-GROWING LOANS WENT TO AFFIRM, AFTERPAY, KLARNA, PAYPAL, AND ZIP

* CFPB- CONCERNED ABOUT ACCUMULATING DEBT, REGULATORY ARBITRAGE, DATA HARVESTING IN CONSUMER CREDIT MARKET ALREADY QUICKLY CHANGING WITH TECHNOLOGY

* CFPB-IS WORKING WITH ITS INTERNATIONAL PARTNERS IN AUSTRALIA, SWEDEN, GERMANY AND THE UK, SPECIFICALLY THE FINANCIAL CONDUCT AUTHORITY

* CFPB-WILL ALSO BE COORDINATING WITH THE REST OF THE FEDERAL RESERVE SYSTEM, AS WELL AS ITS STATE PARTNERS

Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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CcccL
2021-12-17
CcccL
Jia lat

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