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.