New York Takes Aim at Buy Now, Pay Later Firms with Proposed Licensing and Credit Standards. In a move to regulate the rapidly growing Buy Now, Pay Later (BNPL) industry, the New York State Department of Financial Services has proposed new licensing and credit standards for lenders. The proposed regulations aim to protect consumers from potential financial pitfalls associated with BNPL services, which have seen meteoric growth in recent years. As BNPL providers like Affirm and Klarna become increasingly ubiquitous, regulators are seeking to establish clear guidelines for the industry, including requirements for creditworthiness checks, repayment terms, and consumer disclosures.
New York Proposes Licensing and Credit Standards for BNPL Lenders ACA International
