Consumer Bureau Opens Inquiry into Buy Now, Pay Later Lending

Action Follows Request from Senators, Urging from Consumer Groups

The Consumer Financial Protection Bureau (CFPB) announced today it is begin to gather information from Buy Now, Pay Later (BNPL) services in order to assess the need for further regulation of the popular consumer finance products.

The orders to collect information on the risks and benefits of these fast-growing loans went to Affirm, Afterpay, Klarna, PayPal, and Zip. The CFPB is concerned…