On May 9, New York Governor Kathy Hochul announced several updates related to financial services for the State of New York. Hochul announced new legislation as part of the FY26 enacted budget to regulate “Buy Now, Pay Later” loans. The legislation introduces a licensing and supervision framework for Buy Now, Pay Later providers, and adds safeguards such as disclosure requirements, dispute resolution standards, limits on charges and fees, and data privacy protections. The governor also noted NYDFS’s efforts to eliminate banking fees through capping overdraft fees.
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