SAN FRANCISCO—With the CFPB winding down its commentary period for potential buy now, pay later (BNPL) regulations, Affirm has submitted what comments that call for adjustments it says will better accommodate unique aspects of BNPL products.
As CUToday.info has reported, the CFPB’s proposed Interpretive Rule under the Truth in Lending Act and Regulation Z aims to extend consumer protection measures similar to those for traditional credit cards.
“While Affirm’s filing supports the CFPB’s intent to enhance consumer safeguards, it has urged the CFPB to tailor its regulatory approach to avoid consumer confusion and undue compliance challenges,” PYMNTS reported in its analysis. “Other BNPL firms have asked for more time to get ready for the new rule before its implementation.”
‘Ubiquitous, Secure’
In Affirm’s letter on the CFPB proposal, Affirm Chief Legal Officer Katherine Adkins wrote, “Affirm was founded to offer an alternative to credit cards and to build the first payment platform with a moral backbone and consumer-first mindset. Affirm’s vision is to be as ubiquitous, secure, and convenient as conventional payment networks, yet far more transparent, honest and both consumer and merchant centric…Our solutions, which are built on trust and transparency, make it easier for consumers to spend responsibly and with confidence.”