Rob Wile is a breaking business news reporter for NBC News Digital.
The Biden administration announced Wednesday that customers who use 'buy now, pay later' services for purchases are entitled to the same legal protections as customers who use credit cards. The new ruling from the Consumer Financial Protection Bureau means consumers will be able to dispute charges and demand refunds for returned products purchased with a
marketplace found the lack of such protections 'can create chaos' for consumers who may be rethinking a purchase. “When consumers check out and choose Buy Now, Pay Later, they don’t know if they will get a refund if they return their product or whether the lender will help them if they didn’t get what was promised,” CFPB Director Rohit Chopra said in a statement.
providers don’t universally report to the major credit agencies, but missing payments can still hurt users' credit scores . Younger consumers have been key to the growth of these services. The Fed found one in six people ages 18-44 used borrowers. And as many users lean on the platforms more regularly, some who've been burned are increasingly warning others to steer clear, NBC News has reported. Wednesday's ruling may face pushback from
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Band-Aids, Botox, and broken bones: CFPB wants you to pay for other people’s medical billsThe Consumer Financial Protection Bureau seems determined to make things worse for the American consumer.
Les mer »
Supreme Court rules Consumer Financial Protection Bureau funding structure is legalThe Supreme Court ruled that the funding structure of the Consumer Financial Protection Bureau is legal.
Les mer »
Supreme Court sides with the Consumer Financial Protection Bureau, spurning a conservative attackConsumer groups are praising the Supreme Court's rejection of a conservative-led attack that could've undermined the Consumer Financial Protection Bureau.
Les mer »
Supreme Court sides with the Consumer Financial Protection Bureau, spurning a conservative attackThe Supreme Court on Thursday rejected a conservative-led attack that could have undermined the Consumer Financial Protection Bureau.
Les mer »
Supreme Court upholds Consumer Financial Protection Bureau in major win for Biden, DemocratsPayday loan companies had alleged the way CFPB is funded was unconstitutional.
Les mer »
Supreme Court sides with the Consumer Financial Protection Bureau, spurning a conservative attackThe Supreme Court has rejected a conservative-led attack that could’ve undermined the Consumer Financial Protection Bureau. The justices ruled Thursday the way the bureau is funded does not v…
Les mer »