TECH - Affirm Faces Regulatory Shake-Up with New CFPB Rules | Benzinga
Affirm Holdings Inc (NASDAQ:AFRM) faces regulatory changes as the Consumer Financial Protection Bureau (CFPB) plans to extend credit card protections to the “buy now, pay later” (BNPL) industry.
The CFPB’s interpretive rule, effective July 30, mandates that BNPL firms offer dispute resolution, refunds for canceled purchases, and regular billing statements similar to those required for credit card customers.
A trade group representing BNPL companies, including Affirm, has requested a delay in implementing the rule, which aims to align consumer protections across financial sectors, Bloomberg Law reports.
Also Read: Affirm Partners with RONA to Offer Buy Now, Pay Later Options in Canada
Affirm Holdings, which gained 88% in the last 12 months, has had its share of challenges this year.
Earlier in July, the company disclosed a cybersecurity breach, stemming from an incident at Evolve Bank and Trust in ...