The growing popularity of "buy now, pay later" (BNPL) services among online shoppers, particularly older consumers, has prompted AARP to advocate for stronger federal oversight. In a letter to the Consumer Financial Protection Bureau (CFPB), AARP expressed support for a proposal that would regulate BNPL platforms like Affirm, Afterpay, and Klarna as credit cards under the Truth in Lending Act. This regulation would allow consumers to dispute charges and receive refunds for returned products, ensuring greater financial protection. AARP highlighted the increasing use of BNPL among older adults and the potential risks they face without adequate safeguards. The organization emphasized the need for clear and straightforward disclosures of terms and fees associated with BNPL services to prevent consumer confusion. AARP has a history of fighting for consumer rights, including efforts to protect older adults from fraud and improve financial security, making this advocacy a continuation of their commitment to safeguarding vulnerable populations.
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