The American Fintech Council and the Financial Technology Association filed comment letters against New York Department of Financial Services rules that would require BNPL lenders to hold a state license. FTA CEO Penny Lee wrote that parts of the draft “exceed the legislature’s directives.” The AFC’s main objection is a per-transaction test of a borrower’s income and indebtedness, and the council says the rules would strip more than $500 million a year from the credit New Yorkers can get. It also wants real-time electronic account summaries to replace monthly billing statements. The rules cap fees and add credit reporting, dispute resolution and data privacy requirements, and they bind 180 days after adoption. Comments closed Monday, and the department hasn’t said when it will adopt them.
