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U.S. CFPB Mandates BNPL Lenders to Follow Credit Card Regulations, Ensuring Consumer Protection

In a groundbreaking decision, the U.S. Consumer Financial Protection Bureau (CFPB) has ruled that Buy Now, Pay Later (BNPL) lenders must comply with the same regulatory standards as credit card operators, according to a report from Reuters. This ruling provides crucial legal protections and consumer rights to BNPL users, aligning them with traditional credit card customers. Despite some opposition, this move is a necessary step towards safeguarding the interests of consumers.