WASHINGTON, D.C. – The Financial Technology Association (FTA)’s President and CEO Penny Lee issued the following statement on the flawed Buy Now Pay Later (BNPL) provisions included in the New York State budget:
“The legislation reflects a fundamental misunderstanding of BNPL products. At a time when New Yorkers are struggling with high prices and record levels of credit card debt, we should be finding ways to increase access to low-cost, innovative credit products like BNPL. Consumers value BNPL products because they are transparent and easy to understand, with zero interest, no hidden fees, and no revolving debt. They are fundamentally different from credit cards and should be regulated appropriately. We are in favor of a balanced, effective framework for BNPL that can serve as a model for other states and hope to continue working with the New York Department of Financial Services and the Legislature to improve this flawed bill.”
To learn more, read “Just the Facts: Buy Now Pay Later.”
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