Regulatory scrutiny of Buy Now Pay Later programs should focus on non-supervised institutions that don’t need to comply with the same rules as banks, and may end up harming customers, ICBA’s Michael Emancipator told PYMNTS.
ICBA: BNPL non-bank providers should face greater reg scrutiny
April 18, 2022 / By ICBA
Regulatory scrutiny of Buy Now Pay Later programs should focus on non-supervised institutions that don’t need to comply with the same rules as banks, and may end up harming customers, ICBA’s Michael Emancipator told PYMNTS.
Regulatory scrutiny of Buy Now Pay Later programs should focus on non-supervised institutions that don’t need to comply with the same rules as banks, and may end up harming customers, ICBA’s Michael Emancipator told PYMNTS.
ICBA Recommendations: In its comment letter last month, ICBA called for detailed disclosures, positive credit history reporting, and regulatory parity with non-bank providers to ensure adequate consumer protection.
More: A recent Main Street Matters post from ICBA Bancard President and CEO Tina Giorgio covers how community banks can help customers evaluate BNPL offerings.
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