CFPB headquarters in Washington, D.C. CFPB headquarters in Washington, D.C. (Source: Shutterstock)

Credit union trade organizations, CUNA and NAFCU filed letters with the CFPB Friday asking the bureau to carefully examine and regulate “buy now, pay later” (BPNL) companies.

In December 2021, the CFPB opened an inquiry into five companies offering BPNL products after consumer complaints were filed over the exorbitant interest rates charged for the BPNL purchases. According to the CFPB, these types of point-of-sale installment loans can increase the cost consumers pay up to 30% to 50%.

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Michael Ogden

Editor-in-Chief for CU Times.

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