NY DFS requests information regarding Buy-Now-Pay-Later activities

In a letter sent to Buy-Now-Pay-Later lenders and other stakeholders, NY Department of Financial Services said that it is requesting information regarding “Buy-Now-Pay-Later” activities. “DFS seeks responses to {a series of) questions from entities whose activities may be covered by the BNPL Act and any other interested parties. DFS’s goal in issuing this RFI is to understand the business models of entities offering BNPL products, fee structures of those products, the underwriting process, and the impact that fee and interest limits may have on BNPL product underwriting and business more generally, among other topics.” Publicly traded companies in the space include Affirm (AFRM) and Block (XYZ).