The buy-now-pay-later craze is continuing to steam in the U.S., prompting regulators to take a look at the hot payment option, which lets consumers split purchases into installments.
Shares of Affirm slid 11% on Thursday, while U.S.-listed over-the-counter shares of Afterpay, an Australian company in the process of being acquired by Block Inc. SQ, -4.56%, formerly known as Square, declined 4%.The CFPB is interested in exploring various issues related to BNPL, including the ability for consumers to accumulate debt and the data-harvesting practices of BNPL operators.
Affirm Chief Executive Max Levchin said at the company’s September investor event that he was “fairly pro-regulation when it comes to these new financial products,” calling attention from regulators “positive so long as it is rooted in understanding of the product” and its intent.
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