Britain is throwing sand in the wheel of the buy now pay later (BNPL) runaway train. The country’s financial watchdog wants companies that provide the new form of credit such as Swedish startup Klarna or Australia’s Afterpay to be regulated like ordinary lenders. That will.
Britain will introduce rules for buy-now pay-later (BNPL) credit after the unregulated market spiked as consumers struggled during coronavirus pandemic lockdowns, the UK's finance ministry said on Tuesday.
The White House announced President Joe Biden would appoint Dave Uejio to run the Consumer Financial Protection Bureau (CFPB) on an acting basis after its director, Kathy Kraninger, resigned at the new administration's request.
Wall Street may be facing an uncomfortable four years after President-elect Joe Biden's team confirmed on Monday it planned to nominate two consumer champions to lead top financial agencies, signaling a tougher stance on the industry than many had anticipated.
Republicans in the U.S. Congress faced growing blowback on Monday from businesses that said they would cut off campaign contributions to those who voted last week to challenge President-elect Joe Biden's victory.