Over the past few years, Buy Now, Pay Later (BNPL) products and services have grown rapidly, both in terms of offerings and popularity. As a result, we have started to see an increase in regulatory scrutiny of BNPL, with the House Financial Services Committee’s most recently held congressional hearing, “Buy Now, Pay More Later? Investigating Risks and Benefits of BNPL and Other Emerging Fintech Cash Flow Products.” The CFPB’s new Director, Rohit Chopra, has also indicated that the Bureau under his leadership will be focused on payments technologies and their compliance with consumer protection laws.
Goodwin partners in our Financial Industry and Consumer Financial Services Enforcement & Litigation practices were joined by Jesse Silverman, Chief Legal Officer at Nuula, a fintech company focused on small businesses, and discussed what financial institutions that offer BNPL products and services could expect to see down the line from both state and federal regulators, and what they can do to prepare.
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Kimberly Monty Holzel