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Consumer groups urge Washington to step in after CFPB retreat on BNPL protections
Summary
Poverty Action Network and the Center for Responsible Lending told the committee BNPL disproportionately affects younger, nonwhite and lower‑income consumers, highlighted data limits from CFPB reporting and recommended state data gathering, licensing and disclosure rules.
Consumer advocates told the Washington committee that buy‑now‑pay‑later raises risks for lower‑income households and that states should act where federal oversight has retreated.
Molly Gallagher, policy lead at the Statewide Poverty Action Network, said BNPL options are now available for everyday purchases and essential services and can create overlapping repayment schedules, overdrafts and…
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