American Fintech Council, a trade group representing fintech companies and banks, sent a comment letter to Oregon’s Department of Consumer and Business Services asking regulators to stop treating BNPL providers like payday lenders. The group argues that rules built for high-cost payday lending fail to account for the distinct structure of pay-over-time products and would raise regulatory uncertainty for consumers and providers alike. AFC also wants Oregon to reconsider its interpretation of the purchase money loan exclusion and to route any significant BNPL changes through a formal rulemaking process. CEO Phil Goldfeder said Oregonians deserve access to products with clear terms and predictable repayment schedules, while Chief Policy Officer Ian Moloney said any framework should start with a review of existing statutes.
