Fintech trade groups are urging New York officials to amend recently implemented buy now, pay later (BNPL) regulations, which require upfront disclosure of interest rates and fees, arguing that these rules mischaracterize BNPL products. While consumer advocates support the regulations for transparency, industry representatives claim they are unnecessary and seek to work with lawmakers on establishing appropriate standards for BNPL services.

New York financial regulators are developing new rules for the buy now, pay later (BNPL) industry, addressing concerns around transparency, interest rates, and consumer protections. The regulations follow the New York BNPL Act, which imposes licensing requirements and limits on fees, as well as requiring a framework for handling unauthorized charges. Superintendent Adrienne Harris emphasized the need for balanced rules that protect consumers while allowing the industry to thrive.