FINALLY! Consumer watchdog plans to regulate ‘buy now, pay later’ lenders similar to credit card companies

• CFPB Director Rohit Chopra says “buy now, pay later” lenders must be monitored like regular credit card companies.
• The consumer watchdog, which doesn’t currently regulate the industry, plans to issue guidance to oversee the lenders and subject them to supervisory exams, CFPB officials said.
• The bureau also noted the rise in loan approval rates in a report released Thursday after a nearly yearlong investigation.

www.cnbc.com/2022/09/15/cfpb-begins-crackdown-on-buy-now-pay-later-lenders.html