Comments Due to NAFCU: CFPB - Inquiry Into Buy-Now-Pay-Later Providers

Important Regulatory Dates Add to Calendar 2022-02-25 17:00:00 2022-02-25 17:00:00 Comments Due to NAFCU: CFPB - Inquiry Into Buy-Now-Pay-Later Providers NAFCU would like to highlight the following: The notice and request for comment seeks information on BNPL business models and transaction metrics, loan performance metrics, consumer protections, user contacts and demographics, data harvesting, and data monetization. This inquiry comes in response to intense growth in the BNPL market and the information gathered is intended to help the Bureau better understand how consumers interact with BNPL providers, and how BNPL business models impact the broader e-commerce and consumer credit marketplaces. The Bureau has indicated that it will not pursue enforcement, supervisory, or rulemaking actions as a result of this inquiry. The Bureau has also expressed interest in potentially reviewing account data from depository institutions to better understand proliferation of BNPL. Comments due to NAFCU: February 25, 2022 Comments due to CFPB: March 25, 2022 Comment now   NAFCU will send comments on behalf of its members to CFPB by their deadline (March 25, 2022). Location NAFCU digital@nafcu.org America/New_York public

NAFCU would like to highlight the following:

  • The notice and request for comment seeks information on BNPL business models and transaction metrics, loan performance metrics, consumer protections, user contacts and demographics, data harvesting, and data monetization.
  • This inquiry comes in response to intense growth in the BNPL market and the information gathered is intended to help the Bureau better understand how consumers interact with BNPL providers, and how BNPL business models impact the broader e-commerce and consumer credit marketplaces.
  • The Bureau has indicated that it will not pursue enforcement, supervisory, or rulemaking actions as a result of this inquiry. The Bureau has also expressed interest in potentially reviewing account data from depository institutions to better understand proliferation of BNPL.

Comments due to NAFCU: February 25, 2022

Comments due to CFPB: March 25, 2022

Comment now  

NAFCU will send comments on behalf of its members to CFPB by their deadline (March 25, 2022).