CFPB Plans to Revoke Buy Now, Pay Later Rule Fintechs Fought (1)

The Consumer Financial Protection Bureau plans to revoke an interpretive rule bringing some credit card protections to buy now, pay later products, the agency and a fintech trade group that sued to block the rule said in a court filing.

The Financial Technology Association and the CFPB asked Judge Ana C. Reyes for a stay in the litigation while the agency moves to eliminate the rule, according to a joint status report filed Wednesday in the US District Court for the District of Columbia. The CFPB said it would provide its next report on progress toward revoking the rule by ...