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New York sets the standard for regulating BNPL lenders

Image of NY Governor Kathy Hochul.
NY Governor Kathy Hochul. Photo: Spencer Platt/Getty Images

Julie DiMauro

2 min read
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The state’s new rules would strictly cap late and other penalty fees that can cost consumers dearly.

New York is bidding to become the first state in the US to set rules on buy now, pay later (BNPL) that will provide convenience but also ensure that consumers are protected.

The New York Department of Financial Services (NYDFS) has proposed regulations to put into effect the bill that

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