Last month, the Consumer Financial Protection Bureau (CFPB) issued orders to five companies offering buy now, pay later (BNPL) products, asking them to provide information on several topics, including:

  • Business models,
  • BNPL performance metrics,
  • Disclosures and other consumer protections,
  • User demographics, and
  • Data harvesting and monetization.

For more information the CFPB’s inquiry, please see our post covering those orders here.

On January 24, the CFPB issued a notice and request for comment on its BNPL inquiry. The notice seeks comments from any interested parties about BNPL products and provides the following examples of information the CFPB seeks:

  • What is the consumer experience with BNPL products?
  • What are the benefits and risks to consumers from BNPL products?
  • What is the merchant experience with BNPL products?
  • What perspectives do regulators and attorneys general have with respect to BNPL products?
  • Are there ways in which the BNPL market can be improved?

For more information about the notice and request for comment and BNPL generally, the CFPB wrote a blog post in conjunction with the notice.

Comments must be received on or before March 25, 2022.

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Photo of David N. Anthony David N. Anthony

David is an experienced trial attorney with a concentration in litigating financial services and business disputes, including class actions related to the FCRA, FDCPA, TCPA and other consumer protection statutes.

Photo of Alan D. Wingfield Alan D. Wingfield

Alan Wingfield is a partner in the firm’s Consumer Financial Services practice, with a focus on Financial Services Litigation and consumer law compliance counseling. Alan has represented businesses in many venues nationally in class action and individual consumer litigation. Alan’s practice includes compliance…

Alan Wingfield is a partner in the firm’s Consumer Financial Services practice, with a focus on Financial Services Litigation and consumer law compliance counseling. Alan has represented businesses in many venues nationally in class action and individual consumer litigation. Alan’s practice includes compliance counseling to help businesses with the myriad federal and state consumer protection laws and laws regulating financial services companies.

Photo of Shannon Patterson Shannon Patterson

Shannon represents companies of all sizes in various industries, with a focus on public companies in the community banking and wider financial services sector. She advises clients on securities law, corporate governance and executive compensation matters. Shannon assists public companies in satisfying the

Shannon represents companies of all sizes in various industries, with a focus on public companies in the community banking and wider financial services sector. She advises clients on securities law, corporate governance and executive compensation matters. Shannon assists public companies in satisfying the disclosure and corporate governance requirements of the U.S. Securities and Exchange Commission, the New York Stock Exchange and the Nasdaq Stock Market. Shannon works closely with clients’ compliance personnel to design and implement internal policies and procedures to satisfy corporate and regulatory requirements relating to a range of governance matters including cybersecurity risk management.

Photo of Chris Capurso Chris Capurso

Chris’ practice focuses on consumer financial services law, primarily on federal and state law compliance matters. Chris regularly advises financial institutions, lenders, and sales finance companies in the development and maintenance of closed-end and open-end lending, automobile finance, fintech, point-of-sale, small dollar, and…

Chris’ practice focuses on consumer financial services law, primarily on federal and state law compliance matters. Chris regularly advises financial institutions, lenders, and sales finance companies in the development and maintenance of closed-end and open-end lending, automobile finance, fintech, point-of-sale, small dollar, and other credit programs. He provides guidance on federal consumer protection laws and regulations, including TILA, ECOA, ESIGN, and GLBA.