WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced it is opening an inquiry into large “Buy Now, Pay Later” (BNPL) lenders.
“Use of ‘Buy Now, Pay Later’ credit has exploded, so it is important that we understand the impacts of this debt. In opening this inquiry, the Consumer Bureau is taking a great first step in learning about this industry and toward preventing harm to consumers,” said Center for Responsible Lending (CRL) Director of California Policy Marisabel Torres.
Watch and read Ms. Torres’s recent testimony before Congress on BNPL and other fintech services, along with the entire hearing. The testimony recommends additional steps for the CFPB and other financial watchdogs to take to protect consumers.
###
Press Contact: matthew.kravitz@responsiblelending.org