In response to the risks posed by the BNPL industry, a push for regulation has also emerged. In March, 77 nonprofit organizations, including the Center for Responsible Lending and the Association for Financial Counseling & Family Education, called on the Consumer Financial Protection Bureau to implement stronger regulations on buy now, pay later companies. For its part, the CFPB has urged credit reporting bureaus to standardize procedures for reporting consumers’ buy now, pay later transactions.
