Apple, Tesla led a market sell-off right after Wednesday's rally. FedEx, Rivian were earnings movers. Read More...
Reuters
U.S. CFPB asks ‘buy-now, pay-later’ companies for data on products, practices
The U.S. Consumer Financial Protection Bureau (CFPB) on Thursday asked five “buy-now, pay-later” companies for information on their business practices, amid concerns that the financing products are putting consumers at risk. The agency issued the order to Affirm Holdings, Afterpay Ltd, Klarna, PayPal and Zip Co in the wake of a boom in “buy-now, pay-later” services, which allow consumers to split purchase payments into installments, driven in part by online shopping growth during the coronavirus pandemic. The CFPB said it is concerned about “accumulating debt, regulatory arbitrage, and data harvesting” and is seeking data on the risks and benefits of the products.
