CFPB official expresses concerns about BNPL dispute resolution

Payments Dive has the story here. Excerpt:

“The biggest area we found of potential concern is disputes,” CFPB Program Manager Laura Udis said during a Monday panel discussion at the Nacha Smarter Faster Payments conference in Las Vegas. “We’ve seen that consumer concerns about disputes and billing is a high area of complaint to the CFPB.”

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Other BNPL trouble spots that have attracted the agency’s attention include how BNPL terms and the costs of that credit are disclosed and how that compares with more traditional forms of credit, Udis said. She noted that consumers may not easily be able to change their method of payment after they initially sign up for BNPL services with either a debit or credit card account.

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