Washington, DC – The Financial Technology Association (FTA) released the following statement on the responsible use and regulation of Buy Now, Pay Later (BNPL) services:
“We welcome the opportunity to continue our engagement with the CFPB and work with regulators on setting the appropriate standards more formally. FTA and its member companies agree that BNPL products should be regulated differently than traditional or predatory credit providers. BNPL products serve as a useful and growing alternative payment option for U.S. consumers, and it is critical to preserve this access. We look forward to further providing a full and transparent assessment of this innovative solution to ensure it remains properly regulated,” says Penny Lee, President and CEO of the Financial Technology Association.
FTA CEO Penny Lee testified at a House Financial Services Committee Financial Technology Task Force hearing on BNPL on November 2nd. Find her testimony here. Learn more: Just the Facts: BNPL
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The Financial Technology Association (FTA) is a Washington, DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.