U.S. consumer watchdog plans to regulate 'buy-now, pay-later' companies

The CFPB in its report, however, said it was concerned their products could pose risks to consumers, highlighting a lack of standardized disclosures across the five companies surveyed and the potential for consumers to become overextended.

In a statement, a spokesperson for Affirm said its top priority is "empowering consumers by providing a safe, honest and responsible way to pay over time with no late or hidden fees." A spokesperson for Klarna said the company "is committed to financial wellbeing and protecting consumers through industry innovation and proportionate regulation."

Penny Lee, CEO of the Financial Technology Association, a trade group that represents Afterpay, Klarna, PayPal and Zip, said in a statement that the report made clear that BNPL is a competitive alternative to high-interest credit products.

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