Buy now, pay later lenders are now considered credit card providers in the U.S. Here’s what that means
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The Wild West of buy-now, pay-later systems is getting reined in. On Wednesday, the U.S. Consumer Financial Protection Bureau (CFPB) published an interpretive rule classifying buy-now, pay-later (BNPL) lenders as credit card providers. As a result, BNPL lenders will now have to abide by the same rules that apply to…