Submission to: US Consumer Financial Protection Bureau
Joint submission with Consumer Action, to the United States Consumer Financial Protection Bureau, who like regulators in the United Kingdom, are examining the BNPL industry and the regulatory framework applying to it. BNPL is effectively an Australian invention (via Afterpay) so we are well placed to comment on its impact. The submission makes the point that the Australian Government has so far taken a hands-off approach, relying on industry self-regulation. As a result, a proportion of people are being harmed by the BNPL product. Given that many of the same players operate in both Australia and the US, we recommend that US legislatures introduce adequate safeguards so that BNPL is provided safely.
