Buy Now, Pay Later Providers Seek More Prep Time for CFPB Rule

A trade group representing “buy now, pay later” companies such as Affirm Holdings Inc. asked the Consumer Financial Protection Bureau to delay a rule bringing some credit card protections to the industry.

The CFPB’s interpretive rule, set to take effect July 30, will require the companies to provide dispute resolution procedures, refunds for voided purchases, and regular billing statements that credit card companies are required to give customers. Regulatory agencies use interpretive rules to clarify how existing regulations apply to new industry sectors without going through the notice-and-comment rulemaking process.

Most of the largest BNPL companies, including Affirm, already ...