“The American Fintech Council’s (AFC) mission is to promote an innovative, transparent, inclusive, and customer-centric financial system by supporting responsible growth and innovation in financial technology (Fintech). The AFC has adopted specific policy standards for the provision of Buy Now Pay Later (BNPL) products, including classifying products as loans, ensuring transparent terms, underwriting every transaction at the point of sale, providing consumers all disclosures required by the Truth in Lending Act (TILA), and working with credit bureaus to improve reporting standards to create safe pathways out of debt.

We welcome advocates, providers, regulators, legislators, and community leaders to join these discussions so that we can replace generalizations and conjecture with data from responsible BNPL providers. Consumers can continue to confidently use BNPL products as a transparent and flexible alternative to other legacy credit products. As the Consumer Financial Protection Bureau report on BNPL concluded, we believe that clear guidelines and consistent industry practices can help ensure that consumers continue to have choice and flexibility when it comes to payment options.”