Affirm CEO Sees ‘Roadmap’ in CFPB’s Buy Now, Pay Later Report (1)

The Consumer Financial Protection Bureau’s efforts to boost oversight of buy-now-pay-later financing will benefit the industry, Affirm CEO Max Levchin said.

The CFPB said in a Thursday report that it’s looking for ways to bring consumer protection measures for credit card users to buy-now-pay-later (BNPL) products, which are typically installment loans for purchases to be paid back in four equal payments.

“I think there may be some soul searching among the competitors” in how they undertake technical efforts and hire compliance workers, said Levchin, who also founded Affirm, one of the largest BNPL financing providers.

The 83-page report “creates expectations ...