Buy now, pay later companies must adhere to credit card standards, consumer agency says

By CORA LEWIS
Associated Press

NEW YORK (AP) — The Consumer Financial Protection Bureau says in a new rule that buy now, pay later lenders are basically credit card providers and must provide the same protections and rights that apply to those lenders. That includes the right to dispute charges and to demand a refund after product returns. The CFPB says the rule will help bring consistency to the market. Two major buy now, pay later companies say they welcome the regulation.