CFPB will not enforce BNPL rule

The CFPB Tuesday announced it would no longer prioritize enforcement actions taken on the basis of its interpretive buy now, pay later (BNPL) rule, which addressed the applicability of subpart B of Regulation Z to lenders that issue digital user accounts used to access credit.  

“The Bureau will instead keep its enforcement and supervision resources focused on pressing threats to consumers, particularly servicemen and veterans,” wrote the CFPB in a release. “The Bureau takes this step in the interest of focusing resources on supporting hard-working American taxpayers, servicemen, veterans, and small businesses.”

The CFPB is contemplating rescinding the rule. America’s Credit Unions will keep credit unions updated.