[Federal Register Volume 87, Number 15 (Monday, January 24, 2022)]
[Notices]
[Pages 3511-3512]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01278]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No.: CFPB-2022-0002]


Notice and Request for Comment Regarding the CFPB's Inquiry Into 
Buy-Now-Pay-Later (BNPL) Providers

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice; request for comment.

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SUMMARY: On December 16, 2021, the Consumer Financial Protection Bureau 
(Bureau) opened market monitoring orders, inquiring into Buy-Now-Pay-
Later (BNPL) products in the United States to gain information about 
the size, scope, and business practices of the BNPL market. The 
information will help the Bureau better understand how consumers 
interact with BNPL providers, and how BNPL business models impact the 
broader e-commerce and consumer credit marketplaces. The Bureau also 
issued a press release to accompany these orders. The Bureau invites 
any interested parties, including consumers, small businesses, consumer 
advocates, financial institutions, trade associations, investors, state 
and Federal regulators and Attorneys General, and experts in consumer 
lending, payments, and marketing to submit comments to inform the 
agency's inquiry.

DATES: Comments must be received on or before March 25, 2022.

ADDRESSES: You may submit comments, identified by Docket No.: CFPB-
2022-0002, by any of the following methods:
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include Docket No.: CFPB-
2022-0002 in the subject line of the message.
     Mail/Hand Delivery/Courier: Comment Intake--Statement into 
BNPL Providers, Bureau of Consumer Financial Protection, 1700 G Street 
NW, Washington, DC 20552. Please note that due to circumstances 
associated with the COVID-19 pandemic, the Bureau discourages the 
submission of comments by hand delivery, mail, or courier.
    Instructions: The Bureau encourages the early submission of 
comments. All submissions should include document title and docket 
number. Because paper mail in the Washington, DC area and at the Bureau 
is subject to delay, commenters are encouraged to submit comments 
electronically. In general, all comments received will be posted 
without change to https://www.regulations.gov. In addition, once the 
Bureau's headquarters reopens, comments will be available for public 
inspection and copying at 1700 G Street NW, Washington, DC 20552, on 
official business days between the hours of 10 a.m. and 5 p.m. Eastern 
Time. At that time, you can make an appointment to inspect the 
documents by telephoning 202-435-7275.
    All comments, including attachments and other supporting materials, 
will become part of the public record and subject to public disclosure. 
Proprietary information or sensitive personal information, such as 
account numbers or Social Security numbers, or names of other 
individuals, should not be included. Comments will not be edited to 
remove any identifying or contact information. This docket is not for 
submitting other information to the Bureau, such as consumer complaints 
on a particular company. If you would like to submit a complaint, 
please visit consumerfinance.gov (https://www.consumerfinance.gov/complaint/).

FOR FURTHER INFORMATION CONTACT: Laura Udis, Program Manager, Small 
Dollar, Marketplace, and Installment Lending, 202-435-9158. If you 
require this document in an alternative electronic format, please 
contact [email protected].

SUPPLEMENTARY INFORMATION:

I. Background

    In the December 16, 2021, market monitoring orders and accompanying 
press release, the Bureau required five providers of Buy-Now-Pay-Later 
(BNPL) products in the United States to provide information about their 
size, scope, and business practices.\1\ The Bureau listed six areas of 
specific interest:
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    \1\ The press release and sample order can be found at https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-opens-inquiry-into-buy-now-pay-later-credit/.

 Business Model and Transaction Metrics
 Loan Performance Metrics
 Consumer Protections
 User Contacts and Demographics
 Data Harvesting
 Data Monetization

    The Bureau invites any interested parties to submit comments to 
inform the agency's inquiry.

[[Page 3512]]

II. Public Comment

    The Bureau encourages comments about BNPL products. For example: 
What is the consumer experience with BNPL products? What are the 
benefits and risks to consumers from BNPL products? What is the 
merchant experience with BNPL products? What perspectives do regulators 
and Attorneys General have with respect to BNPL products? Are there 
ways in which the BNPL market can be improved?
    The Bureau is opening a docket on Regulations.gov and invites any 
interested parties to submit relevant comments to inform the agency's 
inquiry.

Rohit Chopra,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2022-01278 Filed 1-21-22; 8:45 am]
BILLING CODE 4810-AM-P