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CFPB issues new rule for buy now, pay later firms

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The Consumer Financial Protection Bureau has issued a new rule for buy now, pay later companies.

The rule update means BNPL lenders will be treated essentially the same as traditional credit card providers under the Truth in Lending Act.

According to CNBC, BNPL lenders must make refunds for returned products or canceled services, among other requirements of the Truth in Lending Act.

Read more from CNBC.

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