Weekend Briefing: Regulators set their sights on buy-now, pay-later

Buy-now, pay-later is a growing form of payment, but it’s not without its risks. Now regulators are taking a closer look. Also, we explore what’s behind the executive leadership changes taking place throughout fashion. Don’t forget to subscribe to the Glossy Podcast for interviews with fashion industry leaders and Week in Review episodes, and the Glossy Beauty Podcast for interviews from the beauty industry. –Danny Parisi, sr. fashion reporter

Buy now, pay later

One of the key narratives to emerge from this year’s Black Friday and Cyber Monday shopping weekend was the boom of the buy-now, pay-later model. Adobe reported a 42% increase in BNPL purchases compared to last year. And Afterpay, a BNPL provider, found a similar figure.

But as this form of payment grows, regulators are becoming more concerned about the potential risk to shoppers. Last week, the U.S. Office of the Comptroller of the Currency issued a statement urging banks to manage the model’s risk to consumers, a sign that it may be interested in regulating the industry more strictly.

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