A financial technology trade group representing buy now, pay later providers such as Block Inc. and Klarna Bank AB is suing to stop the Consumer Financial Protection Bureau’s rule that brings some credit card protections to the burgeoning market.
The CFPB didn’t take the necessary procedural steps to issue its May interpretive rule requiring buy now, pay later companies to provide regular billing statements, investigate disputes, and offer refunds for returned products and canceled services, the Financial Technology Association argued in a lawsuit filed Friday in the US District Court for the District of Columbia.
“The CFPB is seeking to ...
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