Trump's CFPB drops enforcement of buy now, pay later rule in latest rollback of consumer protections

The entrance to the Consumer Financial Protection Bureau (CFPB) headquarters is seen during a protest on Feb. 10, 2025 in Washington, DC. Affirm and other BNPL firms had voiced opposition to the billing statement requirement, arguing that it would confuse users and add unnecessary friction. The CFPB said in a notice on Tuesday that it will not prioritize enforcement of a rule, established during Joe Biden's presidency, that classified BNPL providers as credit card issuers subject to the Truth in Lending Act. Fintech lenders had been required to comply with more stringent consumer protections, including standardized disclosures, refund processing and formal dispute investigations. For the third time under President Donald Trump , the Consumer Financial Protection Bureau has pulled back from enforcing a key rule, this time targeting buy now, pay later services. "Requiring BNPL providers to comply with rules designed for open-end credit cards creates compliance challenges and confusin ... Read full article.