What a difference a few months make. Earlier this year the hot idea in CULand was BNPL, Buy Now Pay Later tools that allow a consumer to pay for an item - anything from a pizza at GoldBelly to a fancy exercise bike - over multiple months.
But now CFPB is asking BNPL players for lots of info about their practices, regulations are probably coming, and changes are afoot.
Add in sky high inflation - and its impacts on consumer wallets and also the cost of money - and suddenly, in some quarters, BNPL is just another four letter word, not to be uttered in polite company.
But let's not exaggerate. Just this week Apple announced its intent to get into BNPL.
Now are you confused? Here the unravel our confusions is Paul Davis from SRM who tells about a recently issued white paper on BNPL and its findings for credit unions.
Of particular note is that SRM sees a continuing role for BNPL but stresses that it be viewed not as a standalone but as a component of a holistic product set.
Davis also tells what a credit union needs to do in deciding where and if to deploy BNPL and he suggests that credit unions are well positioned to integrate BNPL with consumer financial education tools.
Listen up to this installment of the CU 2.0 News Flash where we give voice to credit union news.
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