Buy now pay later

The buy now/pay later lender is seeking to create Affirm Bank, a Nevada-chartered industrial loan company.

A Consumer Financial Protection Bureau report on Pay in 4 buy now/pay later loans offered validation for an industry that has faced criticism for expanding into everyday spending, such as food delivery.

As federal watchdogs step back from regulating "Buy Now, Pay Later" loans, state authorities are stepping in. This week, the attorneys general from California and several other blue states joined the fight.

The buy now/pay later firm, which reports earnings Thursday, has inked deals with Worldpay to expand potential borrowers and with New York Life to obtain more capital for future lending.

The American Fintech Council requested a 30-day extension for buy now/pay later providers to submit information about their businesses to the New York Department of Financial Services. New York is the first state to institute a law specifically regulating BNPL.