The American Fintech Council (AFC) has asked the New York State Department of Financial Services (NYDFS) for a 30-day extension to submit data related to Buy Now, Pay Later (BNPL) activities. The request comes as NYDFS seeks information that will help shape future regulations for BNPL services in the state.
Phil Goldfeder, CEO of the American Fintech Council and a former member of the New York State Legislature, said, “We appreciate the thoughtfulness and approach by DFS who have made it clear that the data gathered through this process will help shape the state’s BNPL regulations for years to come. To facilitate the most reliable and representative picture of the industry, we hope the agency will give responsible providers time to ensure their submissions are accurate, complete, and actionable.”
The AFC explained that collecting and reviewing the required data is an extensive administrative task. The organization also pointed out that NYDFS plans to use aggregated and anonymized data in its publications and rulemaking under the State Administrative Procedure Act. According to AFC, extending the deadline until September 30, 2025, would allow BNPL providers enough time to deliver thorough responses.
Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC, stated, “Responsible BNPL providers want to be active and constructive participants in the rulemaking process. Granting this extension will ensure NYDFS has the comprehensive, high-quality data it needs to develop a framework that protects consumers while allowing safe, affordable, and innovative BNPL products to thrive.”
The AFC represents major fintech companies and banks focused on embedded finance solutions. Its mission is to support responsible innovation in financial services by promoting transparency and inclusivity within consumer finance markets.