“As a standards-based organization, AFC members offer BNPL products that ensure consumer protection, strictly comply with existing regulation, and improve the financial lives of the consumers they serve. Responsible BNPL products are built on strong underwriting practices and transparent, easy-to-understand terms with no late fees, no hidden charges, and clear consumer protections.

“At a time when families are looking for flexible alternatives to high-interest products, it’s critical that regulators recognize responsible innovators working to expand financial access and inclusion. We welcome and embrace a thoughtful and consistent regulatory framework that protects consumers while preserving access to responsible credit alternatives, rather than a patchwork of state actions that limits choice and pushes families backwards toward predatory products. We look forward to working with Attorney General Ellison and Attorneys General across the country to ensure consumers are protected without limiting safe, affordable, and critical financial options.”