US finance regulator plans ‘very careful look’ at Apple Pay Later, similar services
The head of the US Consumer Financial Protection Bureau (CFPB) says the agency has concerns about Apple Pay Later and other Big Tech offerings entering the “buy now, pay later” (BNPL) lending business.
CFPB is already examining the BNPL market, with five existing players all now required to submit detailed information to the agency. Now according to the Financial Times, CFPB director Rohit Chopra, says that the regulator will also “have to take a very careful look [at] the implications of Big Tech entering this space.”The publication says that his comments were intended as a warning shot to Silicon Valley, specifically because of Apple’s launch of its Apple Pay Later service.
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