Financials Friday: BNPL Industry Has Mixed Response to New CFPB Regulation; Lawsuits Loom Over Fed’s New Debit Interchange Fee Cap; Synapse Collapse, Frozen Fintech Accounts Mark ‘Watershed’ Moment for BAAS; FDIC Chairman to Step Down; OCC Issues Enforcement Action Against Comerica Bank & Trust

Buy now, pay later industry issues mixed responses to new CFPB regulation. The buy now, pay later (BNPL) industry is issuing responses ranging from outright criticism to muted support for a new interpretive rule by the Consumer Financial Protection Bureau (CFPB) that will regulate these companies as credit card providers.