Duckworth Joins Senate Democrats in Pressing "Buy Now, Pay Later" Companies for Data on Rapidly Growing Industry as Trump Attacks CFPB

WASHINGTON, D.C. – U.S. Senator Tammy Duckworth (D-IL) joined U.S. Senators Elizabeth Warren (D-MA), Richard Blumenthal (D-CT), Cory Booker (D-NJ) and Mazie Hirono (D-HI) in pushing seven major companies offering “Buy Now, Pay Later” (BNPL) services to provide critical data needed to understand the risks and economic impact of BNPL products, as consumers’ use of these opaque products rapidly grows. The Senators’ letter comes as the Trump Administration undermines the Consumer Financial Protection Bureau’s (CFPB) ability to monitor the BNPL industry.“BNPL loans are becoming increasingly common with consumers, with up to half of Americans having used a BNPL loan,” wrote the Senators in letters to each of the companies. “A consumer with a BNPL loan had, on average, $871 more in credit card de