September 15, 2022

Toomey Statement on CFPB’s ‘Buy Now Pay Later’ Report

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Consumer Financial Protection Bureau (CFPB) released a new report on financial services product ‘Buy Now Pay Later’.

“Today’s report shows that consumers value and are increasingly utilizing Buy Now, Pay Later products. Rather than welcoming this innovative product that helps consumers, Director Chopra’s response raises concerns that the CFPB will attempt to stifle it by imposing unnecessary costs.

“Consumers—not paternalistic bureaucrats—are best positioned to decide what financial products best fit their needs. Mr. Chopra should stop trying to misuse the CFPB’s regulatory powers to limit choice and drive new innovations that consumers like out of existence.”