In the Headlines
August 18, 2025
NYDFS Extends BNPL Request for Information Deadline to Sept. 15
American Banker
Financial Services attorney Eamonn Moran was quoted in an article about the New York Department of Financial Services' (NYDFS) decision to extend the comment deadline for its buy now/pay later (BNPL) Request for Information (RFI) to Sept. 15, 2025. Mr. Moran noted that the RFI is extensive and the original timeline was tight, entailing a significant effort to gather detailed business model, fee structure, underwriting and data-driven responses, particularly where commercially sensitive information may be implicated. He also observed that BNPL providers will need to weigh whether to respond and assess the risks of not participating given NYDFS' use of the information to shape the forthcoming BNPL regulatory regime.
"It seems clear that the data requested by NYDFS requires significant time to collect, compile and transmit, especially as NYDFS specifically requests for respondents to be 'as specific as possible in their responses' and to include 'data and relevant materials wherever possible,'" he said.
READ: NYDFS Extends BNPL Request for Information Deadline to Sept. 15 (Subscription required)
"It seems clear that the data requested by NYDFS requires significant time to collect, compile and transmit, especially as NYDFS specifically requests for respondents to be 'as specific as possible in their responses' and to include 'data and relevant materials wherever possible,'" he said.
READ: NYDFS Extends BNPL Request for Information Deadline to Sept. 15 (Subscription required)