BNPL (Buy-Now-Pay-Later) Loan Regulations
Sponsored by the San Francisco Bank Attorneys Association
The popularity of buy-now-pay-later (BNPL) products has been growing, with the COVID-19 pandemic accelerating its use. Increasing popularity of BNPL has not gone unnoticed by regulators. The California DFPI has taken aggressive actions, classifying BNPL as loans covered by the California Financing Law. The Consumer Financial Protection Bureau recently published a blog post warning consumers about BNPL-related risks, foreshadowing the possibility of increased scrutiny by federal and state regulators.
In this program, our presenters – James Kim and Jason Cover of Ballard Spahr LLP, will take a close look at transactional and regulatory issues raised by BNPL credit. Topics will include:
- The definition of BNPL and features of the product
- California DFPI enforcement actions involving BNPL
- Applicable federal and state laws and regulations
James Kim co-leads Ballard Spahr’s Fintech and Payments Team. He advises Fintechs, banks, investors, and other clients regarding federal and state consumer financial laws and regulations.
Jason M. Cover focuses on federal and state consumer lending and payments laws, including those that apply to installment loans, vehicle-secured loans, lines of credit, unsecured loans, credit cards, point of sale finance and timeshare/vacation finance.
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