1. United States
2. N.Y.
3. Letter

I am writing to urge your support for a Buy Now, Pay Later (BNPL) Bill of Rights to protect American consumers from predatory lending practices. Over 90 million Americans now use BNPL services, yet this growing industry operates with virtually no meaningful regulation. What concerns me most is why Americans are turning to BNPL: 58% say it's the only way they can afford purchases, while another third use it to bridge gaps between paychecks. Families are borrowing for basic necessities—groceries, gas, healthcare, and rent—signaling a deepening cost-of-living crisis that BNPL companies are exploiting rather than alleviating. These lenders profit through hidden costs that harm both consumers and small businesses: - Merchant fees of 6% or more (compared to 3% for credit cards) force retailers to raise prices for everyone - Late fees as high as 25%, creating incentives for lenders to push risky borrowing - Invasive data tracking of our location, browsing history, and app usage allows companies to monetize our data and enable discriminatory pricing When the Consumer Financial Protection Bureau previously treated BNPL as loans subject to the same protections as credit cards, lenders had to provide clear billing statements and investigate disputes. This enforcement was rolled back, leaving millions vulnerable. While Washington has abandoned consumer protection, state attorneys general are stepping up with oversight. However, federal action is essential. In 2009, Congress passed the Credit Card Accountability Act to curb predatory practices. We need similar legislation now. A BNPL Bill of Rights should: - Require affordability assessments before approving loans - Eliminate junk fees and cap late charges - Mandate transparent disclosures - Restrict invasive data tracking and discriminatory pricing - Restore CFPB enforcement authority Buy Now, Pay Later has become a mirror of our broken economy. As families struggle to afford basics, we cannot allow corporations to profit from their desperation. I urge you to support federal legislation that treats BNPL fairly and protects vulnerable Americans.