Credit unions: Submit feedback on the CFPB’s interpretive rule on BNPL

Credit unions are encouraged to submit feedback to America’s Credit Unions on usage of digital user accounts to access buy now, pay later (BNPL) loans in response to the bureau’s interpretive rule to address applicability of subpart B of Regulation Z to lenders that issue digital user accounts used to access credit.

America’s Credit Unions outlined the interpretive rule via a regulatory comment alert sent to members Tuesday.

In the email alert, America’s Credit Unions detailed the impact the proposal would have on credit unions and outlined several key points for consideration, including:

  • The CFPB has determined that lenders issuing digital user accounts to access BNPL products are “card issuers” under Reg Z because such digital user accounts are “credit cards”;


continue reading »