WASHINGTON, D.C. – The Financial Technology Association (FTA) issued the following statement on the New York Department of Financial Services’ proposed regulations on Buy Now Pay Later:
“We appreciate the work the Department of Financial Services has put into crafting these proposed regulations and look forward to submitting our comments,” said FTA President and CEO Penny Lee. “As the Buy Now Pay Later industry continues to grow, we welcome appropriate regulation that reflects the consumer protections and standards already in place at the leading firms. New York residents and businesses value BNPL as a low-cost, flexible payment option, and want to continue to have access to these products to manage their spending.”
The New York legislature passed a Buy Now Pay Later law as part of the 2025 budget, and the New York Department of Financial Services is now working on a regulation to implement that law. As part of that process, FTA submitted a letter on the pre-comment draft of the rule, raising concerns about several provisions that did not reflect the unique characteristics of BNPL – including the consumer protections built into the products – and that went beyond the statute.
To learn more, read Just the Facts: Buy Now Pay Later.
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