Additional time would enable BNPL providers to deliver quality, more representative data to inform New York’s regulatory framework

Albany, N.Y. (August 18, 2025) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, last week submitted a letter to the New York State Department of Financial Services (NYDFS) requesting a 30-day extension to the deadline for responding to its Request for Information (RFI) on Buy Now, Pay Later (BNPL) activities. AFC emphasized that the data rightly sought by NYDFS is extensive and requires careful administrative collection, aggregation, and review.

“We appreciate the thoughtfulness and approach by DFS who have made it clear that the data gathered through this process will help shape the state’s BNPL regulations for years to come,” said Phil Goldfeder, CEO of the American Fintech Council and a former member of the New York State Legislature. “To facilitate the most reliable and representative picture of the industry, we hope the agency will give responsible providers time to ensure their submissions are accurate, complete, and actionable.”

AFC noted that the Department intends to aggregate and anonymize the collected data for use in publications and rulemaking under the State Administrative Procedure Act. The organization stressed that an extension until September 30, 2025, would enable BNPL providers to fulfill this request with the diligence such a consequential process demands.

“Responsible BNPL providers want to be active and constructive participants in the rulemaking process,” said Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC. “Granting this extension will ensure NYDFS has the comprehensive, high-quality data it needs to develop a framework that protects consumers while allowing safe, affordable, and innovative BNPL products to thrive.”

A standards-based organization, AFC is the premier trade association representing the largest financial technology (Fintech) companies and innovative banks offering embedded finance solutions. AFC’s mission is to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.

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