Senators Call for Action to Protect Consumers using Buy Now, Pay Later Products

A group of U.S. Senators led by Jack Reed of Rhode Island wrote a letter to the Consumer Financial Protection Bureau (CFPB) calling for closer scrutiny and better regulation of Buy Now, Pay Later (BNPL) products (such as Klarna and AfterPay).

The Senators noted:

“While the emergence of BNPL as affordable small-dollar credit has potentially provided an

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Andy Spears

Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .