WASHINGTON, Dec. 18 -- Sen. Kirsten Gillibrand issued the following press release:
This holiday season, U.S. Senator Kirsten Gillibrand (D-NY) is leading the charge to protect consumers from abusive practices in the Buy Now, Pay Later (BNPL) industry.
Today, Senators Gillibrand, Jack Reed (D-RI), Chris Van Hollen (D-MD), and Richard Blumenthal (D-CT) introduced commonsense legislation that would make key updates to the Truth in Lending Act (TILA) and extend many key consumer protections for traditional credit cards to "pay-in-four" BNPL loans. Representative Deborah Ross (D-NC-02) introduced companion legislation in the U.S. House of Representatives.
As shopping gets more convenient for consumers online and on their phones, BNPL loans ha...