No draconian rulemaking has yet resulted from the Consumer Financial Protection Bureau's recent examination of top buy now/pay later fintechs' business practices. But a consensus is emerging that BNPL lenders will need to make changes to protect consumers, and the timing isn't great. In the coming months, BNPL lenders can expect the CFPB to provide new industry guidelines to protect borrowers from surprises, and requirements to standardize products, said Allison Schoenthal, co-chair of the Banking and Consumer Financial Services practice and the New York head of the Consumer Financial Services Litigation practice. "The CFPB seems more focused here on rule-making than enforcement, and may be willing to rely on supervision and guidance to ensure there's clarity on late fees and the impact to consumer credit. The CFPB may even encourage states to take a more active role in overseeing BNPL lenders," Schoenthal said, while speaking with American Banker.